Looking at long term support / resistance level + bounce off 200 day MA + buy signal on Stoch
Documenting a trade - 900 / 920 Debit Call Spread bought for ~$6 around $860 with ~2 mo to exp
Hitting resistance at the 20 day MA and at the marked support turned resistance line.
SPY Seems to be at the bottom of its channel- If it can continue to be bullish then VXX will tank like it has in the past
If we have a neutral to positive day in the indexes we will see VXX plunge like yesterday. If not it will settle down in the next week or so.
Is this finally a breakout from the downward channel since earnings? KORS was not able to break above its 50dayMA (which was also the long term level as noted) today. I am short with ATM puts.