$SPX Update, Not Much to Add

No real changes to the analysis.

I expect a move lower and think it’s possible the minute (blue) b is an expanded flat. And if so, I would like to see a move to 3548. I have long-term puts (as the enlarged lower leg of my wide strangle), shorter-term puts closer to the money, and a futures short all pointing in that direction. I have part of my long-term calls left (from the upper leg of my wide strangle), some short-term calls, and a stop on futures in place in case I’m completely wrong and we go shooting up.

I will note that I don’t have a great way to count the local structure off our most recent high, but it may still be some kind of weird 1-2 (in the red degree), maybe something stealthy, and the structure resembles the one we had at another recent high (red arrows, I’ve traced their shapes in green next to the price action so you can see what I mean). So, let’s see!

SPX

 

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