i completely see a other side story that SPY tries to move down.... It is in falling channel
carefulRhino97368
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@MarxBabu Yea, next move we touch 420 (most likely 400)
dynasty2059
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@MarxBabu, i see the same, unless the top of the down channel is broken i see no objective reason to be bullish. if it breaks i will change my mind
FriscoTrades
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@MarxBabu, I have 420 puts for this reason, however the previous accumulation and IMO the bears fumbled an opportunity for the next leg down, my bias is for some more upside before shorts pile back in
FriscoTrades
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@MarxBabu, but thanks for a constructive and good comment ... seems rare these days :) I have a few 420 puts as a hedge... I would not be surprised if your scenario plays out.
igord2
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LOL, I am holding 470 calls, there is definitely a gap that needs to be filled, but we may just keep on going up to $475 before turning down again.
FriscoTrades
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@igord2, easy there mate, let's see if we can get through 459/460 zone resistance first before re assessing and projecting a bullish move to 475 :)
Balls of steel my man, Balls. Of. Steel. I wish you best of luck! It is possible, we did have a nice bullish englufing candle today. I think its reasonable to anticipate a bit of a pop back to the 450s before we continue down. But we did hit that today and it did immediately reverse at these levels as expected. Anyway best of luck, enjoy the weekend!
FriscoTrades
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@Steversteves, Thanks, I see Phase D Wyckoff accumulation - BU/LPS before Phase E my target is 465 zone for a H&S pattern zoomed out on daily before next leg down later FEB / MARCH
The reason I'm in small size puts is in case we get a move to 442, I'll take profit from that and add to Calls expecting a bounce off VP shelf. If we get the move up, I still make money on my larger call position.
This volatility is great for Strangle type strategy, legging into calls on the run down then legging into puts on the run up !
It is in falling channel