A Few Comments on $SPX

As noted yesterday, 4000 is crucial and so far at least, we seem to have rejected that. Since we gapped way above where I speculated blue a could be (here) and opened straight at 4000 instead of meandering our way there, the bearish view (of an orange B failing at 4000) could in play sooner rather than later.

So long as 4000 stays rejected, it’s possible that we do this:


As for playing this, I closed calls at the 4000 rejection (since they were up) and have taken some puts for next week and I will monitor this structure to see whether I think we will be able to recapture 4000 or not (which we might still be able to do).

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