SPY looking a little orange
We made it back into gap resistance and stalled just like last week. This looks like a potentially really good double-top opportunity and I am personally short with 380 puts for 7/15 and 370 puts for 7/22.
The one thing to watch for is if bulls can keep the buying pressure up. If they can accumulate and keep in the resistance zone for a long period of time the "fear-factor" will start to fade and they can break out.
So I have both of my predictions on here Blue is the bullish path and Orange is the Bearish path.
Personally I think the orange is more tempting but that is just my opinion on my own tea leaves.
Also some indicators are looking overbought and the CPI report looks like it may be above 8% Although less than May's 8.6% it may cause more bearish sentiment once the market understand we are in for another 75 pt rate hike.
The one thing to watch for is if bulls can keep the buying pressure up. If they can accumulate and keep in the resistance zone for a long period of time the "fear-factor" will start to fade and they can break out.
So I have both of my predictions on here Blue is the bullish path and Orange is the Bearish path.
Personally I think the orange is more tempting but that is just my opinion on my own tea leaves.
Also some indicators are looking overbought and the CPI report looks like it may be above 8% Although less than May's 8.6% it may cause more bearish sentiment once the market understand we are in for another 75 pt rate hike.
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