I'm currently holding puts on the market. If the market breaks above 2630, then I'll going to sell half of my puts. Then wait for the selling to occur and then start shorting.
We remain in the rising wedge, so bears still have a play. This Bull market has been persistent.
Back from a mini vacation, so I haven't been analyzing. Definitely a rising wedge. Could see it complete here in a few days. I have started to collect shorts on SPX. You can see the supports below (black, red, and orange). So I plan on selling the shorts at the supports.
Well look at that, SPX finished right at my resistance level. I have conflicting signals right now, so I'm going to wait and see before trading tomorrow. SPXU re-entered an old downward channel and SPX RSI (15 min) is oversold. Two really bullish days is a good signal from the bulls. However, there is a ton of bad news out there.
If it is bullish in the ...
Never bought my longs. I was looking for more movement downward before buying. Maybe a three pump up then the selling will start? Once the third pump is complete or if prices fall below the support, I'll start buying.
I'm showing several indicators that the market is very oversold. I'm looking for some more downside before buying in. Maybe it will come later today or tomorrow.
Could this go lower? Yes, it could but I do think the bears are going to run out of steam here. This will give the bulls a chance to rally before the bears return and takeover again.
Bounced off the resistance level and now has the bulls running. Resistance level 2618ish where I think the bulls will be tested. Let's see what happens.
I really need to change brokers... Merrill Lynch won't let me trade because I just sold my puts. I was going to buy SPXL at 37. :'(
I'm still holding my shorts from Wednesday. I hope no took my Thursday post as me going long. I was simply watching it in case the market became bullish at which point I would sell my puts.
I am looking for a target exit around 2580. I have a long term support level (black line) and a short term support level coming together in that area. Also, at that ...