Quote:
Originally Posted by Blazed
ADP numbers today were good for pump but we all know ADP is always wrong. But the thing is, NFP data comes out on Friday which is a Holiday - so let's see what the market does here.
SPX: 4150 top (4137 resistance) / 4050 bottom (break below 4035 next support) / 4100 key level. Still have a gap @ 4030.
Watching:
SPY: bounce at 407.25
reject at 410-410.5
And ifkyk.
I'm swinging puts for tomorrow (don't follow), I'm targeting 4050. SPY daily chart shows lowering volume while we're making new highs on SPY. So that's a sell signal for me. Not a full sell signal, but enough of one for me to test it out. My position is sized for 0.
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Trade recap:
Calling it a day here. Plays worked out perfectly. I still have some runners for my put swing tomorrow. I want to see 4050. I have sized them to $0 so I will not be monitoring them today - we'll see if we can hit 4050 tomorrow or at least close to it. Remember the market is closed Friday so expect low volume tomorrow heading into the holiday.
SPX: 4100 key level - key level + last close✅
SPY: bounce at 407.25✅ - bounced it almost to a T. missed by 2 cents.
I'm swinging puts for tomorrow (don't follow), I'm targeting 4050✅- so far so good.
Education:
I patiently waited for that 4100 reject - key level + last close I went in full position - this should be automatic without even thinking about it. You can see SPY's 2nd volume bar that buyers losing momentum, then SPY's 3rd volume bar shows that sellers are stepping in strong = hold put position.
I did take the SPY bounce @ 407.25 for a quick scalp while holding put SPX puts. You can make money both ways while holding your main position just don't get them confused.
My remaining position in SPX are free runners. Free meaning if they go to $0 I don't care as profits have been secured.
As a refresher, you don't have to think, you automatically buy calls at support and puts at resistance. They are always sold A+ setups even if they don't work out.
