MY PERSPECTIVE IS WHAT CAN HAPPEN THIS WEEK!!
Looking overall, SPY is still in a downtrend. There is a possibility of 395 here because the market maker might try to liquidate some stop losses above 394. This week it's going to be a little volatile. I will consider buying some UVXY calls here or adding some shares if you are swinging shares. The market is overbought by comparing to vix as oversold. If the market dumps on Tuesday, UVXY will jump quickly as its movement is through the market's volatility. I'm going to grab some puts (STRIKE 367 EXPIRY AUGUST 19,2022)tomorrow at the end of the session, or if it triggers, ill buy on the spot with the market's movement.
Worst-case Scenario, if the market does the opposite close short position, add some long shares of spy with 405 strike calls for next week.
Looking overall, SPY is still in a downtrend. There is a possibility of 395 here because the market maker might try to liquidate some stop losses above 394. This week it's going to be a little volatile. I will consider buying some UVXY calls here or adding some shares if you are swinging shares. The market is overbought by comparing to vix as oversold. If the market dumps on Tuesday, UVXY will jump quickly as its movement is through the market's volatility. I'm going to grab some puts (STRIKE 367 EXPIRY AUGUST 19,2022)tomorrow at the end of the session, or if it triggers, ill buy on the spot with the market's movement.
Worst-case Scenario, if the market does the opposite close short position, add some long shares of spy with 405 strike calls for next week.