SPDR S&P 500 (SPY)

[Wishthiswasmyjob]

Tough to state a target,
But below 315...
We know banks tightened their lending standards. Yes, rates are incredibly low, but tougher now to get those rates and that tightening has never helped the economy.
I could see us rising to the 50 day and then down this week, boy would a failure there be a monster sell signal, almost too obvious. The Fed has already hinted they can't do much more.
If T wins, we have chaos, if Biden, we have the promises of higher tax rates. No need to analyze politics further.
I feel longs should be concerned we haven't seen good bottoming signs...
A long tail candle and big upward buying volume launch.
Not a bad idea to watch the strength of XLF, XLU, XLI, XLE...

Here is my exact game plan over the next few weeks.
IF we find a way to have a green up day on Monday, IF the SPY can get to 331+, I would be looking to add to my 330's or buy the October 16th 333 or higher in the money puts. This would be a portion buy, 40% of position wanted and then evaluate, looking to add the other 60% on topping signs.
This would give plenty of time for the market to retrace back to the 325 area. I would also be looking to sell the October 9th 322 out of the money puts against the higher puts purchased, when the topping signs come and we've dropped back below 328.
We'll see how this plan plays out.

https://www.businessinsider.com/economic-outlook-jpmorgan-cuts-us-gdp-forecast-stimulus-bill-growth-2020-9