SPY
November 8, 2023 Price action is still positive.
SPY
making HH HL pattern. We wanted 435 to hold yesterday to continue the uptrend.
The low was 434.51.
That numbers came from the last rise 433.68 to 435.3.
61.8% retracement would have been 434.46. Low was 434.51.
Now all indicator except Oscillator 5,35 is indication uptrend.
Oscillator 5.35 is diverging still.
So, if we consider the rise 433.68 to 437.58 then holding 435.2 uptrend is intact for 440 level.
Coming to moving averages we find 9,21,50,100 are between 434.5 to 437 levels.
But 200 is at 426 levels.
We have always seen wither there is a pull back to 200 or sideways until 200 catches up.
For the day i expect 435 to hold being channel bottom and 100 average.
I will sell if 434.2 is broken for a target 426 to 430 levels based on fibo levels after open.
So, sell below 434.5-434.2 and buy above 437.6 for the day.
I am not very good in options. Need to know how which strike to enter and expiry to choose.
Will appreciate if anyone can help me out as a beginner.
I know these $2 to 4$ move is very good return in options.
I always went long or short on
SPY
direct.