450 is a large volume sell zone, based on orderbooks. something to note is all day spy was having violent drops and they were being bought up, eventually with more volume starting to roll in around 2pm eastern to where we ended.
What we want to watch here is how things move afterhours. Last AH, spy sold off into the night. if this hovers above the 450 area until market open, we could see continued buy pressure as sell blocks are removed due to the price holding.
Another thing to note is this was all done on a day where amazon, one of SPY’s largest holdings, lagged behind the rest of the blue chips, only to end the day slightly green. If it’s amazon’s turn to run, this could help carry spy with it.
My earlier thesis about the 442 target didnt play out and that’s ok. Right now I’m short term bull as I’m not sure what headwinds we have ahead. Oddly enough, I really do think the war, raised rates, and other previous fud are priced in at this point (hence the violent drops to 410’s and violent rips back upwards). It may not be a smooth ride but I see 4700 before SPY decides which direction to go. Just my $.02. Good luck friends, tomorrow is another day
Weekly expiring on a Friday either same week or next week (So today you’d buy next week Friday but if it was Monday or Tuesday you’d buy today’s). Atleast 2 dollars otm, has alot of OI.
Survived ah/pm 450 sell off zone. Probably some profit taking in the AM. Gonna hop into calls on any dips long as buy side remains strong in the first hour, Holding onto my AMZN calls.
This first hour of trading was textbook profit taking and market deciding which direction to take. We dropped low a couple times only to get bought up pretty aggressively on the orderbooks. I believe uptrend is still in tact. Will look throughout the day for entries for calls. Good luck and shout out to my boy no bags and all the homies in chess club
Looking like we’re going back to test that previous sell zone.
Keep an eye on TSLA’s levels. I have 980 marked as a key support line that looks like it wants to be tested. If we break below that I firmly believe SPY will go down with it.
This is also a stark reminder why closing profits when you have them is important. While I did not maximize my amazon (24% vs 80% at it’s peak) or msft (10% vs 24%) profits, I still profited. Both are red as shit now… Market can always turn on a dime especially in today’s environment.
Stay level headed and don’t fomo. Opportunities will present themselves.
volume starting to pick back up and it’s leaning towards the sell side again.
We climbed intraday near hod levels but couldnt hold, meaning it could very likely revisit where we were yesterday. I’ll be keeping an eye on where we close before entering a swing position. Not really confident in either direction as of now.
Swinging SPY 451, 454 and QQQ 357-358 into the weekend. Took an entry 15ish minutes before close and have a soft cushion in case we open near or below open. Expecting momentum to continue seeing as how the early morning guh and afternoon profit taking was bought up.
Listened to this in the background as I’m working but seems like in summary, the video is saying that a lot of options have expired, and therefore the market is no longer in a state of being hedged directionally. The next time the market has a reason to dump, it is expected to dump hard and fast. The market has not yet taken the bait for any real dumpage but we should be on the lookout for the catalyst.
asia woke up red, as covid surges are starting to get reported with shanghai just announcing a lockdown. still lot of time before market open, but should we open below our previous close ill be keeping an eye on the first hour of trading before deciding to either average down or cut loose on my calls i swang over the weekend. godspeed to everyone playing this week - should be a fun one.
out of my QQQ for a cool 24% down a few % points on my spy calls, looking for a rally and continuation of uptrend before cutting. Using my profits from the QQQ position as a cushion to make sure i at least break even for the day.
