Well seems like SPY didn't like that upper line in the sand I projected. All OB/OS studies I use are still above they're respective OB cardinal elevations.
I said that prolly a month ago that I wouldn't be positioning in puts until those elevations in the studies were breached. Went against my own rules and jumped in early basing on the "gap down" potential, har har.
In retrospect coulda waited a month and got the strikes at prolly an 80% discount.
Don't even know what they're even worth, haven't looked and been completely "market detached"
Looking way more condusive to a correction now tho with yesterdays candle print piercing upper bollie and a fainting top today, printing a lower high and a lower low.
Let's see if the TA means anything, as I believe this is as good as place as any for puts on SPY. Again would prefer downside breaches in studies to initiate new put positions or close out calls or longs. Which would be CCI below 100, Williams below -20, and stochastics below 80.
If we take October into consideration, we could be looking at a two month long chop period with volatility and gaps before a steep correction. Lol which would put us in JUNE where my LT puts reside.
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