The SPY is having another session sending you more warning signals. Look at the perfect rejection today of the 8 ema. We moved over it early in the session but so far we are not able to sustain that and are back in that no man’s land sandwiched between the 8 and 21 ema. This is just not the environment for you to be putting longs on. While the overall uptrend has not broken below the 21 ema, you’re seeing multiple rejections of the 8 ema which are telling you participants at this moment aren’t willing to pay higher prices. Bulls would like to see a close over the 8 ema into the weekend. We have alot of things looming, Trump was talking about the potential government shutdown soon this morning and you have issues with Russia again. The market hates question marks so you’re seeing it play out here. Without any earnings catalysts for a few weeks to save markets, this is a natural spot for weakness so be cautious.
My Open Book
Trades I Added Today
GLXY - I sold 500 of the 25 puts for next week for .26 following a big block I saw of 40,000 sold a few dollars higher next week they’ve already gone from .25 to .15 intraday but I’m going to hold on.
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