Shorting with some concerns... $SPY $SPX
Concerns:
Indicators:
Volume - Bearish
Market rally has been off the back off light volume
Fibonacci - Bearish
About to hit strong resistance at $270
After a V-rally I'd be shocked if the bulls don't run off with some profits
RSI - Bearish
Every time the RSI has been at this level recently it has dropped (Oct-Nov-Dec)
Macro Headlines
Simple Option Entry
o ITM puts (within 3 strikes)
o High Delta/1-year
o Double Check Volume Bars
Hoping it gaps down to $256 this next week - highly possible.
- Moving Averages - Bullish
Trade progress announcement
The Fed being extra dovish
Indicators:
Volume - Bearish
Market rally has been off the back off light volume
Fibonacci - Bearish
About to hit strong resistance at $270
After a V-rally I'd be shocked if the bulls don't run off with some profits
RSI - Bearish
Every time the RSI has been at this level recently it has dropped (Oct-Nov-Dec)
Macro Headlines
- Impeachment talk
Trade Wars
WSJ claiming tariff relief - treasury department denounces it
China trade agreement with Germany
Govt Shutdown - no end in sight
Brexit
Simple Option Entry
o ITM puts (within 3 strikes)
o High Delta/1-year
o Double Check Volume Bars
Hoping it gaps down to $256 this next week - highly possible.
Trade closed: stop reached:
2% loss
