SPXS confirmed Buy Signal on Daily yesterday.
Gaps to fill up to $17.50.
cross will occur around $13.94.
10WeekMA cross around $14.60.
Anything above $14.60 should confirm up to gap fills.
Price may stop at each gap fill – watch to exit if reversal occurs.
Trend Dots confirm on Daily. I will update if Weekly view also confirms.
I am entered in the Jan 17. Expiry, 12/17 Put Credit Spread. $3.83 Credit received. Breakeven SPXS at $13.17. Max loss $117. Max gain $3.83
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website https://www.moneypatterns.com and will be updating my username here. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD , GBTC .
Short term - GDX , SPXS , SMH
Will update SPXS chart after daily close.
But I had to cut the single options spread I have to reduce losses. Will probably resume next week.
Until then I am DCA with SPXS and holding shares. Trying to get under $13.10 cost basis.
I think we will have more opportunities over the next week for SPXS.
I'll update chart after close today. I see banana/shoe pattern like VIXY. You can let me know what you think. I value your opinion.
Bullish Breakout back above 13.00 in SPXS in premarket trading on 1/3, after closing below it on 1/2.
In technical analysis, that is a "False Breakdown "in SPXS, as well as a False bullish Breakout in SPX.
Both if they continue like this would signify an important new years top at SPX 3258, and an immediate reversal of fortune.
This time I am using 13.00 as a Long Stop as well in SPXS, just in case buyers come back, and rescue the S+P.after the Fed minutes are released Friday PM.
Facts - Repo's stop 1/14 with final maturity date 1/28. Going on Weekly bullish trend in SPY since Sept.2.
Max I can find in SPY for bullish Weekly trend is 5 months. 4 more weeks is 5 months with current trend.
Bearish Weekly trend gets closer the longer we run bullish.
I am using a 12.70 stop which is bottom of today's chart I put up.
Thank you for your opinion and articulate comments related to the topic. Everyone appreciates. YES - I speak for everyone LOL
This is a sure thing IMO. Just keep averaging in at this level and below.
30% return conservatively before end of month. :)
And thank you for the chart sir!
Hope you have a healthy and lucrative New Year too!
I feel comfortable holding this while the market is closed :D