The SPY wrapped up another week in this clean uptrend over the 8 ema, we haven’t even sniffed the 21 week since May. Looking back, this is the longest we’ve done this for since the covid boom in 2020-2021. The selloff late yesterday wasn’t too significant just some fed speakers talking because the VIX wasn’t showing any signs of distress during that move down. Overall, keep this chart in the back of your mind because the first time we break that 8 week, that is your warning sign to lighten up or step aside. Also note the weekly RSI is at max overbought levels right now, the last time we were this overbought was last June/July before the big August selloff. I’m not being bearish, I’m just letting you know that these are just the facts of similar past setups.
This week’s best idea is a name that is probably a multi year secular winner. This name saw some interesting bullish option activity this week and made huge move the last 2 weeks. I have a great way to play it if you’re interested where you can get paid to put a trade on longer term and capture some serious upside.
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