6/28 Recap. Nasty Day

A week full of options expiry with month end and quarter end

I tweeted last night that technically speaking, it looked like a pullback was due. A rising wedge was forming on the daily of the SPY and those nearly never resolve higher. Yes, occasionally they breakout and invalidate it, but today played out nearly perfectly. I still can’t believe people out there believe technicals are meaningless, I guess this move today was just a great coincidence?

James Bulltard @amazonholder1

Just fyi this is a textbook rising wedge on the $spy daily chart that will resolve lower soon. Look where we got rejected today, magically inside that wedge, if you’re long it’s time sell some things or get aggressive with covered calls.