$SPX Pre-Close Update

This morning on the opening rejection of 4000, I dumped the calls I had taken yesterday and took puts. That was fun as we promptly began to ramp right over 4000 lol. But, as we remained under the 50-SMA, which is also crucial, I took a few more puts and waited. We got the drop, it looks impulsive (so far), and if it is, we may have completed (or be completing) 5-waves down:

SPX

If so, we may see a retracement for a “2” next week. I have sold half of the puts I took, rolled the others down in strike and further out in time, and I took a small number of calls for next week in case we move up in the green 2.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


Leave a Reply

Your email address will not be published. Required fields are marked *