2degreez - Once Again at Key Levels on the SPY
We are once again at key levels on the SPY and the overall markets in general.
During premarket I expressed to my family, friends and followers to be very careful here at these levels. An impressive selloff followed.
A quick breakdown of what I believe happened technically can easily be identified by the following:
Daily - Several failed attempts to break up and out above 200ema and 618 fib. Overbought stoch and macd ready to roll over with the 20 and 50ema below.
4hr - A small but true bear pennant formation with the 100 and 200ema right below us as well as a premarket setup rollover of the stoch and macd.
1hr - closed below 200ema with stoch and macd oversold.
Weekly - the weekly is currently being pinched within the 20 and 100ema, with negative pressure and reaction from the 50ema above.
Current uptrend is holding with key 4hr moving avgs (100/200) directly below us at the lower band. We also have the .5 fib at 279 that has seen a lot of action during this run up.
With 15MAY20 expiration this Friday and the Feds in control, I would not be surprised to see 300 by Friday. But...then again do not count out the bears for a drop out of this uptrend and back into the downtrend channel to retest the .5fib @279
Personally, I believe we hold this upward trend and continue the upward movement to the 300 level. But... I will move with the market because I know the market doesn't move with me.
If it appears this uptrend channel holds I will be looking at 26MAY20 290c.
If we head down I will look at the 26MAY20 280p.
The Content is for informational purposes only.
Good luck, happy trading and stay chill,
2degreez
During premarket I expressed to my family, friends and followers to be very careful here at these levels. An impressive selloff followed.
A quick breakdown of what I believe happened technically can easily be identified by the following:
Daily - Several failed attempts to break up and out above 200ema and 618 fib. Overbought stoch and macd ready to roll over with the 20 and 50ema below.
4hr - A small but true bear pennant formation with the 100 and 200ema right below us as well as a premarket setup rollover of the stoch and macd.
1hr - closed below 200ema with stoch and macd oversold.
Weekly - the weekly is currently being pinched within the 20 and 100ema, with negative pressure and reaction from the 50ema above.
Current uptrend is holding with key 4hr moving avgs (100/200) directly below us at the lower band. We also have the .5 fib at 279 that has seen a lot of action during this run up.
With 15MAY20 expiration this Friday and the Feds in control, I would not be surprised to see 300 by Friday. But...then again do not count out the bears for a drop out of this uptrend and back into the downtrend channel to retest the .5fib @279
Personally, I believe we hold this upward trend and continue the upward movement to the 300 level. But... I will move with the market because I know the market doesn't move with me.
If it appears this uptrend channel holds I will be looking at 26MAY20 290c.
If we head down I will look at the 26MAY20 280p.
The Content is for informational purposes only.
Good luck, happy trading and stay chill,
2degreez
Trade active:
J Powell speaks. Markets reacting a bit. 1hr back down to 200ema. Holding and a bounce off the 1hr 200ema@285. Be careful here. .5fib below us if SPY drops out of uptrend.
J Powell speaks. Markets reacting a bit. 1hr back down to 200ema. Holding and a bounce off the 1hr 200ema@285. Be careful here. .5fib below us if SPY drops out of uptrend.
Comment:
5min triangle getting tighter.
Comment:
BOT 26MAY20 290c @ 3.14. Tight stop at new lows of day. WIll look to grab calls if drops to .5fib 20ema on 4hr
Comment:
SOLD 1/2 26MAY20 290c @3.28 +.11
Comment:
SOLD the last 1/2 all out SPY 26MAY20 290c @ 3.42 +.28
typo above on last comment +.14 (not .11)
typo above on last comment +.14 (not .11)
Comment:
Watching close here. double bottom incoming on the lows. Interesting levels again. Watching for possible break down out of this uptrend. Waiting for reaction. Will update my next SPY option play
Comment:
I will be trying a long with 26MAY20 285c if and when SPY test the .5fib near 279
Comment:
bot SPY 26MAY20 4.28 alittle early before the .5fib at 279
Comment:
that .5fib baby. sold 1/2 the 26MAY20 285c 4.54 +.26
Trade closed: target reached:
Closing my SPY call trade here and ending my trading day. all out 26MAY20 285c 4.52 +.24
Pressure to the downside continues.
Good luck, happy trading and stay chill
2degreez
Pressure to the downside continues.
Good luck, happy trading and stay chill
2degreez
Comment:
The .5fib got tested several times but did hold with an impressive eod run up. I would like to see SPY test 285 (200dema 4hr) and possible jump back into the upward trend. Lots of bearish sentiment and chatter/noise out there play it safe with tight stops and a solid entry exit plan as always.
Good luck, happy trading and stay chill
2degreez
Good luck, happy trading and stay chill
2degreez
Comment:
Dropped below .5 fib. At retest area now 279 280. Watching for reaction here. Can We get back into the uptrend or will we be rejected?
Good luck, happy trading and stay chill
2degreez
Good luck, happy trading and stay chill
2degreez
Comment:
Well, it is pretty clear that it likes this sideways action. At least we are getting some pretty big moves within the channel. Trading is definitely fun right now, right? I will be publishing new content for the coming week soon.
Good luck, happy trading and stay chill
2degreez
Good luck, happy trading and stay chill
2degreez
Comment:
SPY 292 618fib test incoming, leaped back into local uptrend from march24.
looking for reaction here. possible short opportunity
Good luck, happy trading and stay chill
2degreez
looking for reaction here. possible short opportunity
Good luck, happy trading and stay chill
2degreez
Comment:
watching this sideways channel on the 4hr. we are at that key 200ema level on the daily once again with the 618 below us. i personally would love to see this thing head back down to the bottom of the trend.
watching this sideways channel on the 4hr. we are at that key 200ema level on the daily once again with the 618 below us. i personally would love to see this thing head back down to the bottom of the trend.
Comment:
SPY failed to hold above the 200ema on daily and also failed to breakout of the current sideways action. SPY also closed below the 618. personally, I would like to short the SPY here back to at least 286 with a possible retrace to the bottom of this sideways channel back down to the 5fib @278.79.
Comment:
it is however trying to stay within the upward regression channel dating back to the march lows
Comment:
not much to see here. steady grinding upward on the bottom of this regression trend. SPY staying above the 618 & 200ema (daily) @293 are the obvious indicators to watch for the time being.
Comment:
Markets have been ripping. SPY at a key level here due for a good pullback. SPY @ the 786/313 caught resistance. So hard to short anything in these conditions. The markets/fed are on a search and destroy mission for the shorts.
