Why not wait until it clears this cluster of resistance before buying?

Everybody's probably thinking the same thing... which is why we're gonna pull back soon.

Check out my related idea for how this might happen.
The Call:Put spread on SPY is insanely bullish, an indication of greed - a correction is severely needed but is being timed by the banks so that they all have the cheapest puts in place before dropping this like a rock. It's not a matter of if but when. Scale into position as the downtrend begins to re-establish and propping comes to a halt.
chinawildman Tchitchikov
@Tchitchikov, I'll admit it gets harder and harder by the day to keep averaging into a diminishing short position... feels like it'll go for that 200DMA at least once more. My guess it'll clip it intraday at some point at which point the banks will pile into puts just when every bull thinks the battle's been won only to see it come crashing back down. Happened when the bounce was rejected by the 200DMA in 2008.
Tchitchikov chinawildman
@chinawildman, it's all about that confirmation. End of propping. When it stops getting bought up halfway through down-days, and the last hour doesn't look like an erect goblin dick - that's when.
chinawildman Tchitchikov
@Tchitchikov, LOL aye...waiting for that day for dip buyers to get punished and realize they're not getting their money back. Then the panic begins. I think we need to break 267 for any real panic. I'm pretty bearish but even I feel comfortable scalping calls at that level.
17 yr trend line I dont think is relavent anymore - in a zone of price discovery now - spx didnt react to it during the most recent volatility. however, with 200 day right above us I do believe your general thesis is correct.
Hmm. Interesting man. I went short on SPX and NDX via SPXS and SQQQ on Friday last hour of trading day. I think I’ll get rekt but curious to see what happens
chinawildman mattgetsbarreled
@mattgetsbarreled, Might've been a smart move, futures might be ugly Sunday night with the Chinese returning from holiday to a week's worth of bad news they weren't able to trade on...
+1 Reply
@chinawildman, not sure man. The market has been wild last few months. PPT probably pump it to 2800
chinawildman mattgetsbarreled
@mattgetsbarreled, Eventually perhaps, but it's running out of fresh money and "good news" to attract new buyers.
+1 Reply
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