SPY took a massive fall from slightly above 500 and dipped back to 494s right before the NVIDIA (industry's biggest and most awaited) earnings. NVIDIA killed it and set a concrete expectation from the AI and the world as we see it. AI is the future and not just companies but countries need to invest in it. Having said that (by the CEO of NVIDIA, not me), that calls for billions or possibly trillions of dollars invested in the next decade into AI and NVIDIA would be leading it. The tech industry never fails to amuse and drag the economy either way with it.
After the last stop at 493.65 on wednesday, 2/21/24, we saw a massive jump of $10.29. ... plotting SPY on a weekly chart, the next stop on fib looks at 526. Buy long calls, about 8 weeks out and sell the position around 5 weeks time. Buy something closer to 515, sell it once spy reaches above your call price. Good luck!
After the last stop at 493.65 on wednesday, 2/21/24, we saw a massive jump of $10.29. ... plotting SPY on a weekly chart, the next stop on fib looks at 526. Buy long calls, about 8 weeks out and sell the position around 5 weeks time. Buy something closer to 515, sell it once spy reaches above your call price. Good luck!