2850 has broken, which is not surprising, we should see 2886 as the top of todays rally then a retest of 2850
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spx has reach 2886. I believe this is the top for the day. Selling calls against all my stonks . Also shorting hog futures /hek20 with a $64 target
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So the reason I sell calls here is because we have this ascending resistance line. We are very unlikely to break it (but if we do the bears will be in a world of shit) Being stuck between an ascending resistance line and descending support line is a very ambiguous area that calls for sideways action where the may 8 and 15 calls should all expire worthless.
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I believe we'll be going sideways in this channel for a while
A break below will send us to 2600 and a break above will reach new ATH, and I don't think the market is ready for that decision yet.
Trade closed: target reached
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I've shorted the spy at 289 and covered by selling the 286 may8 put. A breakout into the bull channel will refund some of my loss and if I'm lucky the put will expire worthless while the short profits.
Trade closed: target reached
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spy 285 reached, now long to 290
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short again at 288 with new resistance. I won't close at 285 this time but wait for confirmation of continued downtrend
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back at 2850, now watching carefully if we'll go lower or bounce, a bounce should break the new resistance and go back to 2900
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looks like a clean bounce. next target 2900 range.
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We formed a scam wick below 2850 which I probably would have stopped loss on but I slept through it. We'll be making the 4th test of this RSI line at 2860 and should definitely break it this time followed by a target of 2930.
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our scam wick has opened a new bull channel
next swing targets are 2930 to 2880
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target generally reached, took profit and went short at 291.58 though it could continue to 293, i had too much profit to sit on, next target is bottom of the channel, roughly 286 or 288 depending how long it takes.
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but if we don't sexily touch the top of the channel, i'll take small profit on this short and re-long somewhere in the middle of the channel, the extra time spent will push the high target up to 294.
@ericisom887, wait so did you switch again? Are you long or short?
RantingPatriarch
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@ericisom887, long from 286 after the 285 bounce to 291 then short again
ericisom887
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@RantingPatriarch, if you're looking for another good quick pick like the one I gave you last time - Hertz - stock ticker HTZ - US treasury is prepping to help them in a deal to avoid bankruptcy if necessary. Would exit after it its 3.96
RantingPatriarch
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@ericisom887, cool thanks for the heads up. 2022 calls on that are practically free. 10 cents!? muahhahaha
ericisom887
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Welcome to the bears brother 8)
RantingPatriarch
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@ericisom887, haha wouldn't say bear, i'm just scalping 290 to 285, and if 285 holds we're going to test for a double top at 295
ericisom887
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@RantingPatriarch, I would be very surprised if we see 295 - if we see 295 and it holds for an entire day above that price, imma switch sides
RantingPatriarch
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@RantingPatriarch, a double top will occur on may 11th if the 285 support holds. Now if it occurs later than may 11 then its likely to hold @ 295, but if we shoot right up its going to reject hard.