DaddySawbucks

Dragonfly Target Price: Drop & Pop

Long
TVC:SPX   S&P 500 Index
Could get another 100 pips to downside just looking at the TL. Notice how the long wicks in prior lows form an 'ultimate tl' and after close 5/11 how price rests on the red centerline of pitchfork . NOT sayin it will go there, just watch and wait to see if it does, would hate to get caught long and get mauled, eh? IF it crushes down to target price 3842 will probably make a huge pivot reversal and long wick. Could pop 100 pips in a few hours then from deep oversold on indicators.

One position atm: Single SPY weekly 400c. GLTA!

Longer term target: ~3450-3550, will probly give a strong bounce first imo.
Comment: Flipped calls on the gapfill. Could roll over again see if it gives a higher low? Feels bottomish, been fooled plenty.
Comment: Flipped a few more calls near HOTD back in cash. No confidence in a rally developing right away. Needs to hammer out the bottom if this is it. Consolidation zone.
Comment: Been away all day traded calls roadside in am and again eod. Holding 4 spy 393c 0dte. See if it gaps up.
Nice hammer doji, got the dragonfly, confirm reversal Friday.
Comment: Yeah it was gap & go. Made out on the calls for a change! Watch for weakness in early afternoon or sooner after big runup from profit-taking. Sometimes these gaps will fill same day but this one is probly to fill later.

This is a bear market rally and not the beginning of a monster bull wave imo. Could squeeze up to 4200 or bit more.
Comment: See my related post on gaps. This looks like a runaway gap n go,but could easily get a sellback Monday to fill it.
Would not chase it now, buy the dip if we get one.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.