SPY Straddle
On the short term this looks like a textbook bull pennant
Long term however it's a bear pennant (kind of?), But not a textbook one, that massive dip and massive rally messes with it
I expect us to make a major move up or a major move down today or tomorrow
SOTU is catalyst enough today for that imo
I'm leaning towards up. The charts are better for it and I think Ukraine news is good for US, as we covered earlier
Looking forward to your thoughts when you read this
tldr 437.33 turns into support that holds solidly we go pew up to 440, then it's a straight shot to 447
Now if it breaks to the downside, 430.39 is the support, and if that fails we tumble all the way down to 412
"gap down" as they say
Bears will do puts, Bulls will do calls, smart / safe money will do both with a straddle
Long term however it's a bear pennant (kind of?), But not a textbook one, that massive dip and massive rally messes with it
I expect us to make a major move up or a major move down today or tomorrow
SOTU is catalyst enough today for that imo
I'm leaning towards up. The charts are better for it and I think Ukraine news is good for US, as we covered earlier
Looking forward to your thoughts when you read this
tldr 437.33 turns into support that holds solidly we go pew up to 440, then it's a straight shot to 447
Now if it breaks to the downside, 430.39 is the support, and if that fails we tumble all the way down to 412
"gap down" as they say
Bears will do puts, Bulls will do calls, smart / safe money will do both with a straddle
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