An $SPX Update

Yesterday I complained about the lack of balance between the waves formed yesterday. From that, I couldn’t easily justify the bearish 1-2 count (in orange).

This morning, we have now hit balance between the red waves (1:1), so I can at least justify that now. If we plunge deeply, we may be in orange 3 that may send us as low as the 3430s. I don’t yet know that we’re going to do that, but the wave balance at least lets us now.

SPX

Because of this shift in probabilities, I will add a few more puts and I trimmed some calls just in case. It remains possible that we go shooting up, too, as the market is oversold and sentiment is dogshit right now.


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