On the 30- minute chart, SPY is in an uptrend continuing from the end of the last
trading week. I see this as continuing for the following reasons on analysis:
1. The Lorentzian AI machine learning indicator's last signal was a buy signal. Given its
specific accuracy of 73% as the table reports, I suspect the uptrend will continue until
a sell signal prints.
2. The VWAP anchored to July 6th shows price riding the upper VWAP bands suggesting that
buying pressure exceeds selling pressure over the past week.
3. The MTF RSIs are steadily rising with the lower TF above the higher TF and no evidence
of weakening or bearish divergence.
4. The zero-lag MACD shows lines crossed and are now parallel and about to cross over the horizontal zero line.
5. In the last trading day, the price ran up then momentum stalled for profit-taking and consolidation to rest for the next.
6. Trading volumes have been at or above the running mean throughout the recent past
showing higher than usual trader interest which bodes well for volatility to be played for
profit.
7. If I were looking for chart patterns, I would say that SPY is currently a high tight flag. It is expectant of bullish continuation
Overall, I have further interest in trading call options with a low time interval until
expiration. I will use intraday pivots on low time frames to select entries and pick
strikes based on expected moves in analysing VWAP bands or Bollinger Bands.
trading week. I see this as continuing for the following reasons on analysis:
1. The Lorentzian AI machine learning indicator's last signal was a buy signal. Given its
specific accuracy of 73% as the table reports, I suspect the uptrend will continue until
a sell signal prints.
2. The VWAP anchored to July 6th shows price riding the upper VWAP bands suggesting that
buying pressure exceeds selling pressure over the past week.
3. The MTF RSIs are steadily rising with the lower TF above the higher TF and no evidence
of weakening or bearish divergence.
4. The zero-lag MACD shows lines crossed and are now parallel and about to cross over the horizontal zero line.
5. In the last trading day, the price ran up then momentum stalled for profit-taking and consolidation to rest for the next.
6. Trading volumes have been at or above the running mean throughout the recent past
showing higher than usual trader interest which bodes well for volatility to be played for
profit.
7. If I were looking for chart patterns, I would say that SPY is currently a high tight flag. It is expectant of bullish continuation
Overall, I have further interest in trading call options with a low time interval until
expiration. I will use intraday pivots on low time frames to select entries and pick
strikes based on expected moves in analysing VWAP bands or Bollinger Bands.
Trade active:
SPY movement today allowed for a 1DTE call option trade with 10 contracts
yielding 106% in a quick trade. Took another overnight to hit another solid
trade. Fridays can often be down days but within the downtrend are some
pullbacks to launch a put option. Volatility continues to pay the bills.
yielding 106% in a quick trade. Took another overnight to hit another solid
trade. Fridays can often be down days but within the downtrend are some
pullbacks to launch a put option. Volatility continues to pay the bills.
Trade active:
More upward price action after Friday's pullback.