Week 35 | SPY

Aug 28, 2023

A little bummed I missed closing out my Short on Friday with the drop, but I have some room and still seeing downside. Lots of macro catalyst this week so I'll be white knuckling my Sept 15 PUTs, but have enough reasons to stay bearish in the short term. Still looking to see 433 retest.

Aug 28, 2023

Note

Looking at Ichimoku, we see the daily spy is inside the cloud and the leading indicators are representing a bearish twist. Should move to the downside of the cloud before validating bias to the bearish side or not.

Aug 28, 2023

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Aug 28, 2023

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I wanted to add the fib extension levels off of the last short uptrend as the 1H has some decent correlation.

Aug 28, 2023

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The FIB pitchfork is interesting as well, notice the support turned resistance on the .5 fork. Further support to near term bearish move.

Aug 30, 2023

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Interesting looking at MACD on the DXY. I still am expecting a rug pull here on dollar to rally once more...