SSO Swing Down Lower Lows Color Blue Number 5
SSO Sideways After Swing Down Color Blue Number 4
SSO is pulling back nicely into a level of previous support. I will look for this to continue lower.
SSO has been consolidating at highs for the past several days. Today is gapped lower and pulled back to the previous consolidation level. This could very well be a false breakout, but I couldn't pass up such a good risk/reward ratio.
The S&P appears to be consolidated and moving sideways and I expect is will for at least the next couple trading days. Right now, the momentum is heading down, but I wouldn't expect the price to break below 83. After the downwards momentum fades, I would expect price to retest the the highs in the 84.25 range.
Long SSO overnight on both a doji at the close and longer term lateral support in the ~67-68 range. I look for a quick turn around on this trade tomorrow and will stop it out in the morning if the S&P shows significant downside price action. Enter at 68.30 with a profit target of 69.30. If you follow my 10000 USD base account recommendations I advise a 200...
It can if it's through $SSO. Who can claim having bought and held after 2008 crisis?
Looking for an entry point for SSO - after this drop - it is at a good point to sell an OTM put.
Per what I call the 60min trading strategy, $SPX went deep into oversold territory Friday, June 1st. Evidence for this oversold condition comes from the fact that the RSI on the 60min chart has dropped below 30. In the past, including just a few days back and visible on the chart, when the RSI on the 60min chart drops below 30 there have been upward reactions....