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 point, SPXU will be about 44. Back in Oct 29th, this is where SPXU peaked, so it would form a double top.
I'm still mulling over the idea of switching gears when I sell and going long for the short term. I don't believe this market is going to crash. But anything can happen: US impeachment, Ukraine-Russia war, or another economic crisis. I rather think this will continue to self-correct by oscillating in a downward motion.
Please let me know what you think especially if you disagree...
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 point, SPXU will be about 44. Back in Oct 29th, this is where SPXU peaked, so it would form a double top.
I'm still mulling over the idea of switching gears when I sell and going long for the short term. I don't believe this market is going to crash. But anything can happen: US impeachment, Ukraine-Russia war, or another economic crisis. I rather think this will continue to self-correct by oscillating in a downward motion.
Please let me know what you think especially if you disagree...
Note
Forgot about the Fed's announcement on Wednesday. Definitely could drive the market either way.Trade closed manually
So I thought I would save some puts for Wednesday, I didn't. 100% cash for moment
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.