SPY | Three Black Crows and Bear Flags
Looks like more pain is coming.
The thesis: More downside is coming for these reasons.
1. Massive open interest on Oct. 21 puts
2. Three black crows on the weekly
3. If 356 breaks, it's an elevator down to 338 which is the pre-covid highs
Intermediate rectangle price target is around 353.
Long term bear flag price target is around 335 to 340.
The thesis: More downside is coming for these reasons.
1. Massive open interest on Oct. 21 puts
2. Three black crows on the weekly
3. If 356 breaks, it's an elevator down to 338 which is the pre-covid highs
Intermediate rectangle price target is around 353.
Long term bear flag price target is around 335 to 340.
Note
Looking at CheddarFlow for options activity, it looks like Oct. 21's are slowing down. They are being rolled out to November, December, and even some January.Aggressive otm above the ask sweeps. Along with deep itm block orders from institutions.
I think everything is lining up for more downside. Follow big money.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.