I’ve been trading for years and have also stuck to longer timeframes trades , generally on the daily or weekly
We have reached a point of a perfect short on SPY known as divergence
Where we have a confirmed 3rd touch on trend and a divergence on the stochastic letting us know that we are too “overbought” to keep it simple
The same thing happened back in Jan for our first major drop of $470 to $420
Then again on March where we went from $460 to $385
And now again at $430 where target would be between the range of $324-$365
Real target would actually be $325 looking at market structure and comparing the recent drops from high trend touches
I’m out of all positions on my account and have switch to MARA and SPY Puts
MARA $15 Puts for October SPY $420 Oct Puts and $430 Nov Puts
Will be buying more Puts on SPY for late October Sometime this upcoming week
TL;DR SPY go poopy bye bye
Submitted August 20, 2022 at 08:37AM by rawrtherapybackup https://ift.tt/izM87R1
