$SPY Analysis, Key levels & Targets

SPY Analysis, Key levels & Targets

OK. Who's having fun? Today was a wild rollercoaster, huh 🤣 but everything is still on track.

All bull gaps between here and the weekly 200MA have been filled. Next one starts at 370, and that also happens to be a small support level as well… I would not be surprised if we try to head in that direction to try to fill that. My target is still 360 which is the 200 weekly MA and would make a double bottom with June lows.
The 35EMA on the MONTHLY timeframe is a huge level. If we stay under that, we are in a technical recession. I know we kind of are and kind of not according to some people, but IN THE CHARTS, that’s going to signal a recession that cannot be disputed. So huge level to watch. Big level to watch. We are definitely oversold on a ton of timeframes but there’s plenty of room in the technicals to move lower…

I’m still holding Dec puts and they are doing awesome… woot… I sold 373 puts for this week so if that hits I'm closing out, but if not i'm looking to close around 360... I've sold a bunch of call credit spreads on the weeklies as well and most of those did well. I think I had one that didn't work out but otherwise on the attempts to run

I’m a technical trader first and foremost - But JPow did not paint a pretty picture for the next two years at the FOMC meeting. This has been a lot of tightening after more than a decade of really easy money, so even though we are a little oversold on the smaller timeframes, I'm still seeing down on the larger ones and I believe those will win right now…. If we see any relief I believe it will be short lived and an opportunity to strengthen your directionally short position.

Oct 11th is the date I’m pinging for 360, but it could for sure be faster (or slower) but I do think we’re heading there. And AT 360 i do think we will see a little bit of meaningful relief. Lots of eyes on that double bottom opportunity... and that's where I'm going to be closing my dec. puts - or at least that's the plan

Good luck trading tomorrow, y'all... 💃🏻 I'm proud of everyone who's still hanging in. Bear markets are not easy... you ROCK!!! ☺️