02/23/22 Overnight
Overnight SPY update
You can see each time we miss reaching resistance lines, we trend lower and miss the green bounce-back.
Though for example, if tomorrow resists at $420 (yellow line), we will then continue to dip to March 2nd.
Please remember that's only 4 trading days away, so it's not so unfeasible to both take that long, and to fall to $411, before bouncing back up.
Points of resistance before $411? I don't have any levels drawn, and do not see any, nor see the benefit in tracking them.
The point of this thesis is that it's tracked since $470, and was reinforced at $458.
The current trade cycle in this thesis is scraps, to scalp to the bottom, though this extended sale is a chance to continue to buy up calls cheaper and cheaper prior to our next upcycle, rather than scalp puts.
- new, aggressive down-trend line
- even more aggressive than 02/22/22
- points to Feb 24, $411 bottom
You can see each time we miss reaching resistance lines, we trend lower and miss the green bounce-back.
Though for example, if tomorrow resists at $420 (yellow line), we will then continue to dip to March 2nd.
Please remember that's only 4 trading days away, so it's not so unfeasible to both take that long, and to fall to $411, before bouncing back up.
Points of resistance before $411? I don't have any levels drawn, and do not see any, nor see the benefit in tracking them.
The point of this thesis is that it's tracked since $470, and was reinforced at $458.
The current trade cycle in this thesis is scraps, to scalp to the bottom, though this extended sale is a chance to continue to buy up calls cheaper and cheaper prior to our next upcycle, rather than scalp puts.
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