Jim Tassoni, CEO of Armor Wealth Strategies joined us on Benzinga's Premarket Prep with levels to watch on $SPY today, after Powell's Jackson Hole speech.
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00:00Here's kind of the levels longer term that I would be looking at. These are kind of swing trade
00:06levels that I've identified. I'm still bullish overall on the markets, especially the broader
00:12markets, S&P, the Qs, but I would be watching that 547.80 level as my pivot. A close below that
00:22today, which is a significant move from here. We're trading right at about that 549.35,
00:29559.40 level pre-market. But I think if we got a whoosh down and we couldn't hold that 547,
00:36that would change my overall feeling to being more neutral to leaning bearish in the short term.
00:43As long as we stay above that, I want to continue to look for moves to the upside. But a close above
00:50559.30 today, which is kind of right where we're at. If we can hold here and close above that,
00:57that would make me even more bullish. It would move me from kind of bullish neutral
01:01to bullish overall on the markets. And I would really be leaning into longs at that point.