BULLISH SPY: All time high?
Updated
I have to admit something to you my fellow traders. I ignored my own TA in pursuit of wild fantasy dreams of bears dancing on the beach sipping sweet honey. Had I gone back to a post I made just before the drop I would have seen it plain as day. Anyway This week has cost me due to extreme stubbornness, the worst quality for a trader. Flexibility, Patience, Discipline. These are the valuable traits.
I am likely done trading for the year due to losses, there is little point in chasing. I will continue to post and maybe post even more since it is just for fun and to keep a record of my ideas.
My target for SPY is 452.
As you can see we broke past the blue line I drew from our initial drop, after challenging it repeatedly we rocketed way out of it's range this week.
The next points of resistance will be the Yellow Line. That is the potential Head & Shoulders location which would telegraph the continuation of descent which is ultimately where I see us going.
Should we break that yellow line then we are clear to head into the Green rounding top, I don't see is reaching this location and expect we would retrace down if we did hit it. Should we break that then I guess the market is living in another dimension. We are going to All time high!
Tip: Don't get your advice from me or the other doofuses on this site ;)
I am likely done trading for the year due to losses, there is little point in chasing. I will continue to post and maybe post even more since it is just for fun and to keep a record of my ideas.
My target for SPY is 452.
As you can see we broke past the blue line I drew from our initial drop, after challenging it repeatedly we rocketed way out of it's range this week.
The next points of resistance will be the Yellow Line. That is the potential Head & Shoulders location which would telegraph the continuation of descent which is ultimately where I see us going.
Should we break that yellow line then we are clear to head into the Green rounding top, I don't see is reaching this location and expect we would retrace down if we did hit it. Should we break that then I guess the market is living in another dimension. We are going to All time high!
Tip: Don't get your advice from me or the other doofuses on this site ;)
Note
I have 440 Puts expiring 3/25 & 4/18. I am not selling them. This market is crazy. I do believe in a quick turn-around once we hit 450s.Note
Looking like we folded a bit early. right at 450.57 I could see us flush down over the next 2 days into the 435 range (My 3/25 puts would like that) But I also see a possible attempt at a double top for this uptrend. I am not adding to my position other than a cheap spread 430->360 with a middle strike at 395. It expires April 29th. With rate hikes coming in May I think we may have some downside on the expectation but I really don't see us dropping below 360. If it strikes near 395 Its a 10x which would give me plenty of spending money to play out this year. Lets see.
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