Bank holiday sessions like today are tough. Moves stall out and theta eats premium fast, which is why most retail traders end up red on days like this.
Be careful out there. If you're sitting this one out and saving your capital, completely understandable.
You don't need to trade every day.
Live Trading recap:
✅ $SPY 754c +40%
✅ $SPY 755c +20%
❌ $QQQ 684c -70%
✅ $SPY 746p +90%
✅ $IWM 278p +55%
✅ $SPY 744p +20%
✅ $SPY 745p +25%
✅ $IWM 279p +25%
Brutal day. Lot of green gains but keep in mind of lot of these were scalps. This is why it's important on days like today to take your gains and get out of the market. $QQQ did hit me hard too. Not up too much today but its a whatever. Last couple trading days have treated us well so we can settle for small amounts today.
PS: I took too many trades
$NVDA has sold off hard from the October 6 high at 243.37. We're about 27% off that high, and today's low came in at 170.24.
On the daily, the drop left three unfilled gaps overhead that I would treat as resistance: 179.92-185.22 from today's gap, 196.25-199.68, and 209.06-212.08.
There's also a descending trendline off the October high sitting around 204.68, and the rising trendline from the March low has already broken. That old support comes in around 212.34 now, right with the 209-212 gap.
The main level I'm watching underneath is the March low at 164.
I still think this could be a good time to buy into the dip, but I'm not treating this as a straight shot back to the highs. Those gaps and trendlines are where I'd expect sellers to show up on the way back up.
US-Iran nuclear talks are reportedly back on.
Al Arabiya sources say a Qatari-Pakistani proposal has revived serious negotiations. Washington has reportedly agreed to allow Iran to enrich uranium up to 3.67%, and Tehran has accepted.
Discussions are also being arranged for the return of IAEA inspectors, and a preliminary agreement to reduce enrichment is considered likely.