SPY ES1! Going Long S&PI'm going long here, with sentiment clearly bearish after the China headlines and very short-term nitpicky technical weakness. Even bears accept (are hoping for a dip) to 2,750. Any dip down would be with some clear technical divergences, which tells me everyone is waiting to buy down there. I'll take a shot being early.
I'll buy SPY and QQQ Calls - early June expiration.
Esfutures
SPY - More downside still likely for SPY SPX ESSPX broke the short-term downtrend yesterday, but technicals didn't really confirm and we're seeing no follow-through today. We also saw pretty much an immediate reversal back to the support.
We should bounce off support (looks like we are as I write this), but resistance is right up overhead. If we go back down and support doesn't hold, next stop would likely be back into the 2,700s, this time probably further down closer to 2,750-2,770.