S&P ATH Dream
Gonna dabble in some "real markets" and options juggling here: yesterday SPY managed to barely peek above all time highs but retraced most of the up move by market close. Post market SPU18 tapped July highs and is now sitting right below august 7~9th range. Most important level to watch imo is 2840: A breach below would create a new lower low and would be where i'd exit my current long position (Currently holding 283.5 strike SPY calls expiring end of month) while consolidation and/or bounce above would be a decent place to load up on more longs. I plan on hedging with some more puts if we approach near ATH levels (currently juggling some DIA puts that were just filled) just in case.
This is a fairly risky short term take on current price action. Ideally I would long conformation and potential retest. R/R for longs here are also fairly poor at this point as we're close to major resistance with good likelihood of a pullback or even (short term) trend reversal before another rally.
My current bullish bias is partially based off (apparent) market fatigue of US-China trade war and speculation on European money flowing into the relatively stronger and stable US markets (or potentially also Japan/Korea, but examine strengthening dollar index DXY). Overall I'm quite confident in a clean break of ATH but if not i'm prepared, and will probably also go back to trading my satoshis on 100x leverage in my moms basement kek.
This is a fairly risky short term take on current price action. Ideally I would long conformation and potential retest. R/R for longs here are also fairly poor at this point as we're close to major resistance with good likelihood of a pullback or even (short term) trend reversal before another rally.
My current bullish bias is partially based off (apparent) market fatigue of US-China trade war and speculation on European money flowing into the relatively stronger and stable US markets (or potentially also Japan/Korea, but examine strengthening dollar index DXY). Overall I'm quite confident in a clean break of ATH but if not i'm prepared, and will probably also go back to trading my satoshis on 100x leverage in my moms basement kek.
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