SPY - short term Head and Shoulders

5 окт.

Following up on my last SPY chart trend, we have emulated that fractal fairly closely over the last few days.

The chart before us now looks to be presenting a Head and Shoulders pattern. Granted it is on a one hour timeframe and anything smaller than a daily for a head and shoulders needs to be taken with a grain of salt (although it can be seen there too) I maintain that the current global narrative will result in a downturn next week.

I see two support lines; 1 basically at the neckline and 2 around the 555 price point. I maintain that we flush somewhere around 560 early next week. After closing my 565 strike puts out last Wed I bought the same strike and date (Oct 18) last Fri. I’ll likely sell a few of them if we range at the neckline/support 1 and will let the rest run if we break down under 564.

There is a second spider as we enter into the Halloween season…just a bit of fun for me😊

Take care,
MR

6 окт.

Заметка

I just revisited charts and looked at the E-mini futures for S&P. Take a look at that gap from 5676 down to 5641 back on Sept 16th…it’s begging to be traded thru. My bias to hit 560 on SPY is that much more clear to me. There is some serious chop support there too. Might sell to close the second tranche of puts there….yep

8 окт.

Заметка

Well...today hurt. I have the "should have sold yesterday" blues while I was in profit. I'll hold the puts for now as my thesis has not changed for a local downturn, but I need to remind myself to take a win if it's handed to me the next trading day from opening the contracts.

Be well all.

9 окт.

Заметка

I'm out. Market wins this round.