One reason this thought might be just as promising—if not even more promising—than the second option discussed here is a very specific level.
From the all-time high, 20% down is 3846.50 on $ES. That, of course, is the demarcation point for a “technical bear market,” and a close below that level would probably trigger a lot of programs in unforeseeable ways. They may not want to push it that hard. And so, the Wyckoff “spring” may be the superior option, because a lot of buy programs may actually jump in soon to prevent just such a close below this level.
So, worth keeping an eye on the number.
There is also a shit ton of puts in the system right now and I have a pretty good feeling that they might go up in smoke. $SPY “max pain” for monthly OPEX (this Friday) is actually 422!!!
4 thoughts on “Keep Tabs on This Number”
So based on this, I should YOLO entire account on 6/17 Spy $420C? They’ll be pretty cheap tomorrow morning! If it works out, I can retire forever on my private island! Otherwise, join Saylor behind the counter at McD ;-))
Where do you find max pain (and other info) about options market?
Here is one website I use:
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