SPY possible retracement April 20

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Apr 17, 2020 9:02 PM

Ichimoku cloud resistance being tested on the daily. Also a big gap up near 278-282 area which may get filled Monday.

0.618 fib retracement level @ 292 also being tested possibly next week.

All in all still unclear on trend but we will be clear very soon. Bullish if clean break on ichimoku cloud resistance lines and 0.618 fib.

Still holding 5/15 puts and hedged with some short term SPY calls.

Let me know what you guys think in the comments!

Comments

jryda

⋅ Apr 18, 2020 8:04 PM

i loaded up on 5/15 260p for 4.40 expecting a nice Monday drop down to 278ish at least

quicksilver0311

⋅ Apr 18, 2020 10:15 PM

@jryda I already have May 15 and Sept SPY puts so I just hedged for a Monday quick burst to 292 if we do. But I’m still bearish. If we do burst to 292 and break clean, I will close out all my put positions though.

bearwithme2020

⋅ Apr 17, 2020 9:36 PM

what exp date did you choose for SPY calls?

quicksilver0311

⋅ Apr 17, 2020 11:10 PM

@bearwithme2020, I got some May 1 290 calls.

PS: NFA

thienus20

⋅ Apr 18, 2020 10:10 PM

@quicksilver0311, ur going to win

thienus20

⋅ Apr 18, 2020 10:11 PM

@quicksilver0311, any prediction for the pull back point?

quicksilver0311

⋅ Apr 18, 2020 10:19 PM

@thienus20 If we don’t break 292, we may possibly retrace all the way to 265 atleast (given we’re actually in a bull market rally and the bear market is done otherwise I think we go much lower). There are multiple levels we test before 265 though - 285, 278, 272, 265.