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Be Prepared for More Volatility

November 21, 2022
The Money Magicians
The Money Magicians Blog G. Allan Collins

Good Morning,

Spy was up 0.45% and we are stuck in a trading range between $390 and $400

This week volume will be lower than average so the market makers will have an 

easier time manipulating price movement. If SPY breaks $400 they can possibly

take it up to the $414-$416 range, if that occurred the bears would most likely 

take advantage of much higher prices and push us back below $390 and start

the next leg down there is a gap to close at $382 and critical support at $374.61

and if we do break $374.61 look for a quick rundown to support at $359.71 

QQQ-The QQQ’s closed unchanged we did close above the 50 Day moving Average which

is $277.37 but we are still below the $200 Day Moving Average of $307.62.

We have been in a trading range between roughly $280.75-$292.99. If we break 

$280 it looks like the bears will go down to fill the gap at $268 and conversely

if we slice through resistance at $293 the bulls will go to fill that gap at $308 

NVDA closed down 1.7% on Friday and looked pretty weak going into the close. 

NVDA ran up almost 40% in a couple of days before a pretty bad earnings report 

it looks like the bears are looking to take this one down to fill the gap at $142 after 

breaking support of $156 on Frida It looked like the bears are looking to Push 

back down to critical support of $133

We are still long December 155 Puts. Currently Printing $$

Good luck and Cheers!

G. Allan Collins

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