Depending on when we open tomorrow, will decide trading range for daily calls/puts. If we open green, trading range - 285 to 293. If we break 293, close out all short positions and roll over into long calls. If open red, look for the 0.5 fib test and trade around it. Lower trading range - 271 to 279.
Comment:
Looks like we're holding a tight range 275-277. Need the eod fed pump/dump to break either side of the range. I would guess we move up to 279 and end our day there.
Comment:
Looks like we were not able to break 275 at the start of the day and tested it a couple of times. Not enough steam to push SPY out of the ascending channel?
EOD: Looks like we ended at 277.75 just below our 0.5 fib line @ 278.56. If we don't open green tomorrow, most likely, we see scenario 2 from above and retest 271-275 region again and then possibly 265 @ 0.382 fib (if we can break out from ascending channel).
EOD: Looks like we ended at 277.75 just below our 0.5 fib line @ 278.56. If we don't open green tomorrow, most likely, we see scenario 2 from above and retest 271-275 region again and then possibly 265 @ 0.382 fib (if we can break out from ascending channel).