Market In Reverse Gear on Friday

As predicted earlier this week, the stock market recovered from Tuesday to Thursday. On Friday, S&P500 made a high of 4215. We had a buy call on S&P500 at 4115 on 24 August 2022. Booked profit in this long position at 4205 today (26 August 2022) and took a short position. Booked 50% profit in the short position at 4100. Similar positions were created in NASDAQ, RUSSELL, and DOW. In today’s Daily Newsletter it was mentioned that the market would witness a sell-off right after Powell’s speech at the Jackson Hole symposium. After-market update: S&P500 close to the second lower target of 4040 (LTP: 4043).