$SPY Key Levels, Analysis, & Targets

$SPY Key Levels, Analysis, & Targets

Wild wild volatility. Have I ever mentioned how much I love volatility??

So I am going into tomorrow with a bullish bias (not long term, of course, but perhaps for a few days up to a week) We are at a very key support level, the bull gap that was opened back in April 2021. I also see a double bottom with a bullish divergence in the RSI.

I know, I know… futures are super red right now… yikes… (ES1! -1.46) but I just feel like these two technicals are enough to see a move upward, even if it’s short lived.

I have no open positions at the moment. Last week I only day traded And I was 4-1 on my trades on the weeklies (Thursday kicked my a**, lol) This feels like a terrible place to go short and I would really like to see a drop in VIX so I can get a more advantageous put position further out again- I am looking to July 15 - but until then I’m sniper day trading the closer contracts…. I really love VIX above 25… so happy…

Oh my gosh, I forgot that I yolo’ed a few 424 calls for Monday @.30x10… LOL… don’t judge, sometimes I get reckless…. Not usually but I had such a great April and that double bottom made me do it…I'm almost never that far out of the money... I don’t even consider that a positions… so that's the only small position I have on right now...

I also want to point out that if the bull gap bottom at 400 does not hold, then the next support below that is at 383.

Anyway… let me know what you guys think… I’m tagging this long, but let’s see how this opens…. I’m technically playing both sides intraday depending on what trade presents itself in real time… And big picture I’m still bearish….