The strong (key) support continues to hold. Just had a recent . A close above 193.5 - 194.6 indicates a potential move higher and future selling opportunities. My holding period for SPY trades (options) is typically 30 - 90 days. Because of that I am looking for selling opportunities. See the zones on the chart.
1D Chart: Significant on
nearly equivalent, but the price is $14.47 (~7.5%) lower.
There are multiple short term signals and I am hoping that they will play out. If they do, I'll open additional short positions.
My expectations for SPY is that it will be rocky (rangy) for an extended time. At this time, I am much more comfortable playing the short side than I am the long. Trading techniques that need precise timing are difficult in this type of market (when the emotions are high). In this type of market where there isn't a clear trend but there are strong , I prefer to wait until close to a key and SELL option spreads that are selling at a premium. It doesn't require precision on the move's direction, magnitude or timing.
Close above resistance (now support). While SPY seems void of momentum at the moment, closing above previous resistance zone supports continuing to "sell zone".