Jones-ing to break out ahead of earnings in the morning, with large weekly 101 put buying, 1st Shark PRZ at 103.90
Wrote about this yesterday, trigger is a hold over the 200sma
Super ugly Marubozu candle on daily after earnings highlights price pattern that many fear the $SPY will follow
Moving higher in descending channel, BO higher would confirm it was a bull flag, upside bias in chart and options, like a Oct 24 weekly 100/102 Call Spread for $80 cents selling the Oct 24 weekly 95 Put for 66c, net 15c with risk of owning at 95 Friday
Butterfly harmonic in $IWM completes with Terminal Price bar through 127%, Initial Price Objective 110.21
This may not be THE top but certainly looking like a top, out of BB, long upper shadow, RSI high 70's
The SPY has made tops and risen into full moons and bottomed around new moons since the low of the year in February. As the moon phase is turning towards full it sits at a 50% retracement of the full range of the year. A good time to reverse if it wants.
Bat harmonic completes and then retraces 61.8% to the penny, if wants to bounce a good place
Broadening action near the lower rail of rising channel is constructive but not directional
$BWA Bear flag or reversal. Prepare for both
closer in, RSI is at support and pointing lower, with large activity on the Mar 15 Call into earnings tonight. Collared my long position earlier