Hey Guys,
The market is down again this morning. It may be breaking a key level of support. I attached a picture below of the MES futures chart (which correlates to the S&P 500). Each bar represents one day.
You can see that the lowest point that the price reached earlier this year is where the orange line is. So that might be considered a type of support (a level where there are extra buyers ready to step in).
You'll see that in the last week (the far right side of the chart), that support level has been tested but seemed to hold up considering the price never closed below that support level. But today, as of right now (the last bar on the chart), the price is below that support level. So this could be a sign of that support level breaking. Of course that doesn't mean the price won't go up from here. We've all learned by now that this market is all over the place. Right beneath us is another potential psychological support level at the 4000 price for the S&P 500. We'll see if that gets tested soon.
I bought EDU today. I picked up the stock in the main account and the options in the extra options account. The stock price was just $11.93 per share when I bought it, so it's got a low price per share compared to many of the others from my favorite stocks list.
I closed my position for AT&T stock this morning since it reached its time limit. It locked in a profit. It's nice to ring up a profit at a time when the market is dragging so many other stocks down.
If you have any questions or feedback, I'd love to hear from you.