Boom Shakalaka: Market On Verge Of Bounce, Giggity
Just the facts folks. The markets are trading slightly lower today with the S&P 500 at 1,370.68, -3.85 (-0.28%). The markets kissed the master level of on the tracking ETF for the S&P 500, the SPDR S&P 500 ETF Trust (NYSE: SPY). This is the number one factor that should yield a near term bounce.
Other factors also are very apparent. Market leading stock Apple Inc. (NASDAQ: AAPL) is holding up well. The recent massive fall it Apple has stalled and the stock has found buyers. This tells us the market will hold this area in the near term. Next, throw into the mix options expiration. Far too many bears out there right now in the way of puts. Institutions will do their best to make sure those puts expire close to worthless. To do that, the markets need to get a bid. Last, key levels are getting tagged on many stocks. Chevron Corporation (NYSE: CVX) and JPMorgan Chase & Co. (NYSE: JPM) are both hitting key support levels as well as other major players.
Chief Market Strategist
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.