I SPY The First Extreme Turn Sell Signal Since the March LowsWe can keep this one pretty simple. It's day #2 with an Extreme Turn sell/short on the SPY daily timeframe. The prior day was the first sell signal in the entire move since the March lows. There is absolutely nothing bearish looking in this chart. That said, we recall our adage at TDG - Markets' always look the most bullish at the tops.
We're expressing the signal with a $8 wide Bear Put - SPY SEP 340/332.
As always, our risk is 50% of the premium paid so we're looking at risking about .60 to make $6+
Submitted Order Type Limit @ 1.15 Debit
Fill Details
• Bought 15 SPY 09/18/20 Put 340.00 @ 3.03
Filled at: Aug 28, 2020 3:08:10 PM EDT
• Sold 15 SPY 09/18/20 Put 332.00 @ 1.88
Filled at: Aug 28, 2020 3:08:10 PM EDT
We'll see if our patience pays?
Trade Like You Mean It!
