An Idea on SPY
Updated
So as you can see from the above chart, we have been range bound between 294.5 and 282.5 since the beginning of august, and I see no reason we don't test 282.5 again here sometime next week. Furthermore, we have significantly more downward momentum on this test, and a newly revised tariff schedule at 15%. If these levels don't hold, next major support are the Jun levels around 272. I don't believe the 272 levels are at any risk of breaking, especially with an increasingly dovish Fed which will be meeting in Sep.
If 282 levels, don't hold I will be dollar cost averaging back into the markets beginning around 276.
Let me know what you guys think.
If 282 levels, don't hold I will be dollar cost averaging back into the markets beginning around 276.
Let me know what you guys think.
Note
I'd also like to note large blocks of unusual options trades around 276. Over the last week, blocks of around 20,000 contracts at a time on the Aug 19' 276 puts have been bought up.
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