WhatsTrading

SP500 won't go much further up from 3000

Short
OANDA:SPX500USD   S&P 500 Index
Below is technical analysis based on chart readings. Refer to chart for macro commentary.

SP500 meaningfully tested 3000 five times in the past 12 months.

First two formed an M resistance - didn't break through.
Third time was also two very close attempts - didn't break through.
Finally, in July, we have seen 3000+ twice. One's already past us, the other one - we are in it right now.
Does this look familiar to you? Another M shape maybe?
Coupled with the macro conditions, I believe the market cannot go much higher from now on, and will correct 10-15% by Dec 2019.

I have sold my SPY . Planning to enter below strategy this week:
  • Short 270 SPY call Dec2019
  • Long 300 SPY call Dec2019
  • Initial credit to buy TLT
  • Monthly covered call on TLT


I will close above strategy by Dec 2019. Fingers crossed.
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