SPY Short Idea

2 juil.Pretty choppy day so far, but we have been grinding up all day pretty much and VX is making new all time lows once again. However, I wouldn't expect much more of a rally today, but we'll see. For now, I think SPY will fail on this retest and chop out the rest of the session.

2 juil.

Commentaire

Got a small rejection, but not so sure bears can hold it, they are pretty weak today. However, I have trendline resistance on NQ and horizontal resistance on ES around here as well. If these levels break we could be in for a strong close.

2 juil.

Commentaire

Well it held for the most part, but didn't provide any sort of downward action. Had a nice break above in the final minutes and VX just keeps making new lows. I don't have high expectations for tomorrow, but I think if SPY remains above this trendline and ES sustains above 5560, we should have a slow grind up.

There is some data coming out in the morning that may move things, but don't forget it's a half day and we're closed on Thursday. If you buy options tomorrow and hold, you will be losing a lot of value to theta decay.