SPX: Alternate Bullish Hypothesis; Cup & Handle in Weekly!
Updated
Chart shows all. At the indicated futures price, ES mini-Futurz trades exactly at the gap fill price and upper support TL at 3080; Trend has been UP;;
Fighting the Trend has proven Disastrous since 23 March!! FGS be carefull my Dear Bears!!!
I am closing all my shorts at the open; take what the market gives and expect the opening gap to close quickly IMO! Taking a small long in the open!
Jobs report = more good bad news; also:
"Philadelphia Fed said manufacturing activity in the region was much stronger than had been anticipated. Its June reading rose solidly to 27.5 from -43.1 in May."
marketwatch.com/story/dow-futures-slip-as-stock-market-looks-ahead-to-weekly-jobless-claims-report-2020-06-18?mod=mw_latestnews
Fighting the Trend has proven Disastrous since 23 March!! FGS be carefull my Dear Bears!!!
I am closing all my shorts at the open; take what the market gives and expect the opening gap to close quickly IMO! Taking a small long in the open!
Jobs report = more good bad news; also:
"Philadelphia Fed said manufacturing activity in the region was much stronger than had been anticipated. Its June reading rose solidly to 27.5 from -43.1 in May."
marketwatch.com/story/dow-futures-slip-as-stock-market-looks-ahead-to-weekly-jobless-claims-report-2020-06-18?mod=mw_latestnews
Trade active
LONG QQQ 244C, SPY 310C, IWM 141C IN JUL EXPS; SHORT THE WEEKLIES IN $3 BULL SPREADSTrade closed manually
It moved so damned fast I made money coming and going and I'm out for the day. Not gonna be a piggy! GLTA!Comment
Stay in cash until we get a clear direction. Makes a higher low intraday. Can go either way atm; poor R/R IMO.Trade active
Took a small pos in SPY calls long the 29Jun 312, short the 22Jun 316 in bull spread; just 6 contractsTrade closed: stop reached
Stopped out in PM.Comment
I'm NOT reversing short here after stopping out the longs; intraday price formed a Bullish Butterfly 'M' pattern. See if it lifts Friday again. I hate to trade Fridays and get stuck in a pos over weekend, anything can happen!
Comment
Closed flat after all EOD. There is a bull flag flying, see idea below; IMO after grinding a bit for another few sessions the beast will surge to a blowoff top. Shorting is not advisable IMO; and I am a perennial Bear.
Comment
Yeah pumping the futurz dammit! They gonna BTFD IMO.Trade active
Played Fade the Gap, a favorite game and recovered all the stop-loss plus more bank! Bullish IMO; not holding over the weekend though, GLTA!Trade closed: target reached
On Fade the Gap I don't always expect to return to starting price; it gave back 15 pips and I closed out.DO NOT SHORT THIS MONSTER!! YOU WILL GET KILLED IMO!!!
Price formed a bull flag which broke out north today and is setting up for the final blowoff top and gap close at 3330; I do not recommend shorting at this juncture, it is making a measured move of same expected height as 15-16 June, for ~220 pips!!!
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