The Market Overall - Journal
SPX (SPY) is my 'overall market' instrument which is why i have used it for this analysis.
Given:
It is noteworthy that:
Expectations:
Trade Instrument:
SPY Bear Call Spread (Credit)
16-20DTE
45-60DTE
Given:
- FED remains the primary determinant for overall market movement
- Drawdown 1 aligned with RSI MA cross-over
- Duration of Bull Run 2 is 'overbought' per RSI
- 50W MA (White) is extrapolated-projected (White dashed)
It is noteworthy that:
- SPX / SPY failed to reach 50D MA (Gray) on Bull Run 2, whereas it had on its Bull Run 1
- RSI approaches its MA
- A Multi-month Drawdown (like Drawdown 1) would align with the June FOMC Minutes
Expectations:
- Price Continues Down
- SPY ~50DMA (gray) resist and fails, or simply fail. Subsequent retest(s) would fail.
- Disregard price closes above ~50DMA w/out RSI confirm (close above its MA)
Trade Instrument:
SPY Bear Call Spread (Credit)
16-20DTE
45-60DTE
Note
Added Expectation:RSI Falls below its MA soon. Date of Post 4.11.24
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-Will
-Will
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.
Give me a THUMBS UP / COMMENTS / FOLLOW ME!
-Will
-Will
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.