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Why?
They lured in shorts on that drop below $339. Big bear trap.
They're rotating sector to sector to keep the overall market up. Look at an intraday chart of both XLE and XLK. Soon as XLE sells off they pump XLK back up. They are not gonna let the overall market sell off here.
Some pretty big manipulation taking place today to keep this afloat.
This is too much volatility.
Sold already. Bad entry.
I went short at $334.00 via puts. Let's see what happens.
Some big volatility is coming these next few weeks, time to make some money. Option IV says it all.
My conclusion is this: We're going up tomorrow. I bought AMZN calls at the close but not holding any SPY positions.
I'm keeping an open mind, I thought for sure we were headed back towards ATH quickly. But maybe $310 is coming. Tomorrow will be interesting.
Hmm interesting. August = Month long rally. September = Month long slide. October =?
I think up from here. Look how far we are from the 50sma.
I bought calls when it touched $332. Expecting a strong green close.
Sold these for a 30% gain.
This must be a hedge fund causing a short squeeze.
I think this is the end of this rally. No $360 on the horizon.
Bought puts here 10/16 $350P @ $8.00. Holding for the next week or so.
The moves lately have been so zombie-like. It's like theres no humans involved at all. I have no interest in trading this.
Trading this is dying. All the big moves happen overnight in futures. Cash session all you can do is buy calls and pray you didn't buy the top.
Premium burn day. Not worth it to trade options today.
Tomorrow they gap it to $340. Wouldn't be surprising, they have already proved they have the capability.
This is scary, the market is being controlled. No one would buy the market up here lol.
Honestly, as someone who traditionally uses charts to trade. Ever since the pandemic started and we bounced off the March lows, charts have become pretty much useless. All the money they pumped into the market the past few months has truly made the market a casino. I've posted here for years but haven't even really read these boards in months because of how bad it's gotten. All you can do is guess now. 100% percent AI controlled movement. I think charting is dead in this market.
This trades like a penny stock now, it's hard to tell what's going to happen.
$334 is a realistic target for tomorrow.
BTO some Friday $325P here at $328.75. Holding short into tomorrow.
Damn looks like I might have missed the top. I want puts before close going into tomorrow.
Either this launches above $330 tomorrow or this is an intermediate term top and it pulls back for the next couple weeks.
Just like I said, this is going higher still. And nothing will stop it.
haha yeah typo.
I pointed it out on Saturday.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=156570408
I'm selling calls I bought at $300 today. I think it goes sideways from here for the next few weeks. $210-220 will be the new range just like how we traded between $280-290 in April/may. I nailed the bounce off the 50sma. Riding the waves.
None of the popular "stock heros" on here provide any meaningful, actionable TA.
If anyone read my TA they would of been perfectly positioned. I'm up 5K in the past 2 days. Bought calls as soon as it dipped right under $300. I'm an underrated trader.
It's obvious that by the election we will see a new ATH. So whatever dip is coming, if it's coming, will be a spot to buy. No way SPY is sub $300 come November.
From a pure TA standpoint. Any drop below the 50sma while it's below the 200sma and rising towards it, should be met with buying and a resumption of the uptrend. We will see what happens. I won't be surprised if it bounces here.
At a quick glance it looks like a big drop is setting up here, but that's where technical analysis comes into play. 50sma 200sma cross matters a lot at this critical juncture on the chart.
The 50sma almost made it back above the 200sma on this strong bullish move off the march lows. I went back and based on whats happened in years prior, it's very likely to continue upwards after a further drop to the 50sma. I'm gonna buy calls if it drops below the 50sma. Look at this chart.
Inflationary monetary policy from the fed still in play which trumps the news. A big drop from here won't last long.
The closest thing you could call that is a long straddle but it doesn't strictly meet the definition.
I think it hovers around this area for a few hours, then EOD a big drop into the close.