Friday, October 27, 2017 3:10:14 PM
It seems that MU’s low of the day tested the fork’s third tine and is turning higher and could test the fourth tine next week (market allowing). Should I assume it will test that fourth tine and sell Calls as it gets close? I easily could on Monday or later as my current short Calls expire today.
Should I also buy Calls today with the assumption that price will retest the fourth tine in the near future? I don't think so ... yet. MU is currently testing SMA(20) from below but isn't showing much conviction. My opinion is that passing upward through SMA(20) and returning back down and bouncing off SMA(20) would be a better time to buy Calls, but don't really like doing that late in the day on Fridays.
I'm also showing a 3-tine fork on $SPX and it reversed higher off its third (top) tine yesterday. Perhaps I should add a fourth tine to that. It’s a sign of a pretty strong market that warrants a fourth tine on a major index -- buyer beware.
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