SPY has reached its all time high and due for a pullback. Initiated Buy July Put on 21 June (Fri) and doubled position on 24th June (Mon).
Short term term trade. Will close and take profit within $288-290 region.
Weekly trend is still maintaining uptrend for now... Therefore the reason for a short term July Put option.
MACD has just crossed and reversed on the day chart. Stochastics also reveal in overbought conditions. Movement is to the downside now. Expect it to drop to around $180-$200 range near the 200 day moving average. Stock is extremely overpriced at more than 100x PE
MACD, Stochastic and RSI all reversing and bouncing off the top of the bollinger band. Opportunity to short on the pullback. Price expected to drop to $132 where the 50day average is and if it breaks that support, possible drop to $120-122 region on the trendline support.