SPY - Bearish - Ascending Wedge Running Out of Steam
Updated
All indicators are turning Bearish on Daily - MACD, RSI, Fisher Transform. Everything is overbought.
Average downturn was 15 days last two times.
This is part of a very large ascending wedge which pattern suggests will fail sometime 2020.
Nov 18 Put at Strike Price is 250ish...but return to SPY 270 level turns $250 into $2900 :)
We probably get to SPY 290 which could be a double.
Nice risk reward. 1:10x
SPY down = GDX and VIX up. (and vice versa)
Just my opinion. Not financial advice.
Disclosure - I am long BTC, GBTC, GDX, and MARA. Puts - SPY. Calls - MARA, GDX, VIXY.
Average downturn was 15 days last two times.
This is part of a very large ascending wedge which pattern suggests will fail sometime 2020.
Nov 18 Put at Strike Price is 250ish...but return to SPY 270 level turns $250 into $2900 :)
We probably get to SPY 290 which could be a double.
Nice risk reward. 1:10x
SPY down = GDX and VIX up. (and vice versa)
Just my opinion. Not financial advice.
Disclosure - I am long BTC, GBTC, GDX, and MARA. Puts - SPY. Calls - MARA, GDX, VIXY.
Note
Trump Impeachment vote in Congress for preliminary hearing may be catalyst.Personally, think this going nowhere during elections with Republican stacked House.
But still...thought this was something to note. MSNBC, CNN, CSPAN coverage (just to show amount of coverage).
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