Keep Tabs on This Number

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.

ES

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. $SPYmax pain” for monthly OPEX (this Friday) is actually 422!!!


If you enjoyed this article and are not already a member, consider becoming one via Patreon for access to these articles in their entirety when they are first published, Discord chatroom access during the trading session and more.

And if you have a moment, please like and share this article on social media.
Become a patron at Patreon!

4 thoughts on “Keep Tabs on This Number”

  1. 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 ;-))

Comments are closed.