SPY 
SPX Analysis, Key levels & Targets Holy moly, this has not been my week. I was right, but my timing was wrong, so I was wrong… I have been keeping my trades really light because I was anticipating chop so the only new trade I opened up today was I bought a Dec 16 416 put @ 28.70 and I’m 9% down on those… I’ll hedge that one soon…
Oh yeah, and I sold an SPX call spread, 4000 short/4010 long, and even that one might blow up… so yeah, not my best week…
My Nov, puts are both around the 50% profit level and they are well hedged… I wanted to hold them a little longer but I’m not willing to miss out on the 50% gains and might just shut them down tomorrow and start working on adding to Dec and Jan…
Weird day of economic data… Powell didn’t say anything new, which is why I think we rallied… Consumer credit reported lower meaning consumers are not taking on new debt and hoarding money under mattresses. This means earnings coming will probably be negative across all names as consumers are buckling down. Do we rally prior to earnings… I personally don’t think so but I’m open to ideas…. And It’s hard to put on neutral trades right now because the swings are so wild…
I am seeing some bullish technicals on the smaller timeframes and I'm also seeing a TON of walls which is making it hard to trade right now... I'm almost thinking about just selling puts on the down swings and opening up share positions to play with... mentally I'm all over the place with what I think I want to do and super happy i made this week light... geeeze it would not have went well...
MacD really isn’t supporting a move higher right now.
Check out the two boxes… there’s a similar pattern there. And don’t mind my arrow after the second box… I was just thinking maybe we consolidate into that triangle formation but I don’t know about that one… There doesn’t seem to be too much sideways action at the moment… either everyone is euphoric or everyone is getting smashed up… not too much in the middle…
Either way… when things get crazy keep your trades smaller and give yourself time to make adjustments by being further out… that’s another thing I’ve been doing wrong for now at least, is trading too close… Usually it works but hey - volatility sometimes means pushing further out…
I’m totally open to ideas and suggestions and maybe other angles I haven’t looked at…
Have a great day trading tomorrow and If you’re blowing up trades take a step back… it’s never good to revenge trade… there's nothing wrong with watching from the sidelines to get you emotionally out of the game so you can see what's actually happening...
See y’all tomorrow..
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I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
IF you need anything analyzed Technically just comment with the Ticker and I’ll do it as soon as possible… give me something to analyze... something that you think will be around for the next 20 years...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.