SPY shows short term buys with big picture fall
Historical Support Levels:
Not currently in one. Strongest support was 242 and when it touched 244 this week it immediately got brought back down.
Indicators:
Stoch, MACD, Squeeze, and Overbought/Oversold all show indicators for a small bull run during next week but the fundamentals behind why the market it falling has not changed. I expect a day similar to last Monday and the week prior where we see a 10% change in price intraday and possibly 15 during the week.
Time to Recover:
2008 Crash took years. 2000 bubble took years. Bulls saying market is ready to rally (and stay that way) are delusional to history and the fundamentals behind this crash in first place. We have another couple months before the damages are even able to be quantified accurately, so short term bull runs are to be expected, but not lasting. During the bull run next week I'd buy cheaper puts for 04/17 expiry or later to account for the market sentiment possibly carrying the run for a whole week.
TA:
Falling through support levels rather quickly. Finding support for a day or less at each main level as you can see, but the next major support now is down at 225. If the circuit breaker trips monday as many think it will, that would mean ~220 SPY and it will bounce between 215-220 before spiking up. you can gamble calls at Monday's bloody open to sell later that week as the bull run should be quick and fast. I am not doing so personally, but it may be worthwhile to acquire some extra capital to buy longer term puts with the profits from the call. I did the same last week by expecting a small end of week pump and getting calls cheap late thursday to then sell at Friday end of day and Monday.
TLDR: SPY lining up perfectly for quick bull test, then getting brought back down even harder. Short term puts at high risk post bloody Monday. Cash in, re-enter with later, and cheaper, puts.
Please let me know if you found this useful or if you would like information on anything else.
Not currently in one. Strongest support was 242 and when it touched 244 this week it immediately got brought back down.
Indicators:
Stoch, MACD, Squeeze, and Overbought/Oversold all show indicators for a small bull run during next week but the fundamentals behind why the market it falling has not changed. I expect a day similar to last Monday and the week prior where we see a 10% change in price intraday and possibly 15 during the week.
Time to Recover:
2008 Crash took years. 2000 bubble took years. Bulls saying market is ready to rally (and stay that way) are delusional to history and the fundamentals behind this crash in first place. We have another couple months before the damages are even able to be quantified accurately, so short term bull runs are to be expected, but not lasting. During the bull run next week I'd buy cheaper puts for 04/17 expiry or later to account for the market sentiment possibly carrying the run for a whole week.
TA:
Falling through support levels rather quickly. Finding support for a day or less at each main level as you can see, but the next major support now is down at 225. If the circuit breaker trips monday as many think it will, that would mean ~220 SPY and it will bounce between 215-220 before spiking up. you can gamble calls at Monday's bloody open to sell later that week as the bull run should be quick and fast. I am not doing so personally, but it may be worthwhile to acquire some extra capital to buy longer term puts with the profits from the call. I did the same last week by expecting a small end of week pump and getting calls cheap late thursday to then sell at Friday end of day and Monday.
TLDR: SPY lining up perfectly for quick bull test, then getting brought back down even harder. Short term puts at high risk post bloody Monday. Cash in, re-enter with later, and cheaper, puts.
Please let me know if you found this useful or if you would like information on anything else.
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