8/18 Best Idea For The Week Ahead

The SPY closed the week over the 8 week which was an interesting turn after the previous 2 weeks where we broke some key levels. With Jackson Hole this week Powell could say things that send the market plunging but as long as we’re over that 8 week we are back in an uptrend.

I circled that reclaim of the 21 ema below on the SPY. That is the point where bulls took back control of the market. That is where technicals play their role, they always have you in clear view of what is occurring, are bulls in charge or are bears in control. Well, until we break back below that 21 ema, the bulls are in control and you’re free to push longs, use leverage, etc in an uptrend. I would caution against it before Powell speaks this friday just because that is a binary event and can change things. The bulls are in charge but this very well could be a small head fake before Powell speaks, but overall I still think we’re going to push highs into the election in 2.5 months.

Today’s best idea is a name many consider a deep value, it has its question marks but the chart and option flow are lining up to the bulls favor. I have a very various option trade ideas from conservative to super aggressive to go over.