SPY Update Daily TF Sept 8
There aren't as many bullish signals on the daily TF, but this is normal because the 4HR will catch them first as it is lower TF.
Things to note:
- possible bullish cross of 50 above 100SMA tomorrow
- expect the 9 to start to turn up if this happens
- bull target #1 gap @ $405
- bull target #2 Golden Pocket FIB retracement @ $415
- bull target #3 gap @ $422 + down slopping resistance line
Ultimately we are looking for a lower high to validate the bear thesis. It is possible that we attempt to fill the gap @ $422, which would be a 0.786 retracement, but we will have to be patient and see.
Right now I have some cheap SEPT30 $425 SPY CALLS to play the upside potential, while I'll be buying more puts as prices increase.
Remember, prices go up & prices go down. If you limit yourself to one side of the trade that's okay, but you'll have to be patient and see it through. Never panic, never listen to hype without DYOR.
Things to note:
- possible bullish cross of 50 above 100SMA tomorrow
- expect the 9 to start to turn up if this happens
- bull target #1 gap @ $405
- bull target #2 Golden Pocket FIB retracement @ $415
- bull target #3 gap @ $422 + down slopping resistance line
Ultimately we are looking for a lower high to validate the bear thesis. It is possible that we attempt to fill the gap @ $422, which would be a 0.786 retracement, but we will have to be patient and see.
Right now I have some cheap SEPT30 $425 SPY CALLS to play the upside potential, while I'll be buying more puts as prices increase.
Remember, prices go up & prices go down. If you limit yourself to one side of the trade that's okay, but you'll have to be patient and see it through. Never panic, never listen to hype without DYOR.
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