SPDR S&P 500 (SPY)

[risk on]

Correct, and We Have MACD cross to deal with too! As if there weren’t enough contradictory signals being cast here, lol. The MACD cross is pretty reliable indication though.

1 year daily MACD : The fast line has now crossed below the slow, started apx 11/10/17, and generally speaking when this occurs we can expect a move down to OS on slow oscillators.

In fact this has been true the entirety of this past year , except 2 back to back times in May / June where slow oscillators got “ almost to “ OS .

So far this MACD cross has only seen slow oscillators on the one year daily go about half way down , so it would stand to reason we can expect more down to come before SPY capitulates and then perhaps continues in its typical trend of renewed highs .

As such , I will continue holding my newly acquired 2/16/18 , 248p ( got yesterday after clearing calls bought the two days prior.

I will assess the situation after we see a truer move down toward OS ( slow oscillators) on one year daily, and will definitely be using the weekly chart as a back drop to the daily for guidance .