8/8 Recap. Nasty Reversal Day.

Well, we got the reversal I was looking for over the weekend. The call spread I suggested selling already is up 50% from just this morning as the SPY fade frrom 417.xx to 412.xx has crushed the premium, you can see in the chart below that for now the SPY is still in that bearish wedge, it has not broken down, yet. From the positioning in options I saw today that I will go over below, it appears the market is looking for inflation to cool down this week but the market is still looking extended for the time being, you can see the RSI weakening and the bearish divergence on the daily playing out below.