$SPX Risk Remains

We poked through the green channel, and since this advance is probably too big for the “nest” possibility discussed earlier, if this is just another short squeeze before we head to new lows, we can remove one degree from the nest and count the whole thing as a single “2” (in the blue degree):


It remains imperative that we—at a minimum—take out the high at green 2. I have trimmed some calls and added a few more puts so that I have a bearish bias on my de-facto strangle. It remains possible that a major low is in, but I’d like to see more upside before I am sure about that.

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Your email address will not be published.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 *