Short

$SPY $SPX Key Levels, Analysis and Targets

Key Levels, Analysis and Targets

So, WOW, that was one heck of a nasty daily candle there on Friday!! 😏 (And check out the monthly if you haven’t seen it yet 😬 that candle even scares me... lol
There’s a nice little gap down in futures $ESF! right now…. I’m going to be watching that gap at open and if it tries to fill I will take that opportunity to sell some call spreads, for either Monday or Wednesdays expiration… probably Wednesday… or maybe buy some weekly puts if I'm feeling wild...

I still have my 435 and 450 puts and they are looking great, up 39% and 36% respectively and they only have 82 days left on them so I’m going to be looking to close those out and slide onto either the December or January contracts…. I also have Sept 16 402 puts that are up 236% (don't laugh but they were supposed to be the hedge for my long puts and I was going to sell 402 but I bought it instead and my mistake made me 236% LOL)

As far as support, the next level is at the top of the gap 394, bottom of the gap at 391 and support at 389 and then the trendline that could catch it as well so those are going to be my take profit levels for now…
And to the upside I’d be looking at 410ish as resistance…, maybe 413 on the high side… and with vix back at 25 you just never know…
I also wouldn’t be surprised to see vix up 10% again tomorrow….

So yeah… 389 is still my target and let’s see how the technicals look from there!!! And I just noticed that this pattern is extremely similar to the end of the march rally— kind of inverse cup and handle-y…. If that’s even a word….

Happy trading tomorrow, y’all…. 💃🏻

—-

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.

SPYder_QQQueen_Trading

Also on:

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.

SPYder_QQQueen_Trading

Also on: