Taking a step back , although a continued down trend in SPY since JAN highs, after post Jackson Hole water fall it appears SPY is ready for another rally.
Barring any Black Swan event , RSI on the daily is approaching oversold and price is near the bottom of the downward channel.
While a "lower low" is still in the cards, the R/R favors the upside here and began scaling in longs for OCT opex. Small size, and will add if price manages to crack below to 375 zone, although we may not get 375 hence the scale in starting today.
Surely shorts from 420+ have feasted well and will start closing/ taking profits off the table and waiting for the next opportunity to reload.
Note, this is a counter trend rally trade , I'm still fairly convinced we stair step down for a while longer with nice rips along the way - a rip I believe is closely approaching !
Cheers
Barring any Black Swan event , RSI on the daily is approaching oversold and price is near the bottom of the downward channel.
While a "lower low" is still in the cards, the R/R favors the upside here and began scaling in longs for OCT opex. Small size, and will add if price manages to crack below to 375 zone, although we may not get 375 hence the scale in starting today.
Surely shorts from 420+ have feasted well and will start closing/ taking profits off the table and waiting for the next opportunity to reload.
Note, this is a counter trend rally trade , I'm still fairly convinced we stair step down for a while longer with nice rips along the way - a rip I believe is closely approaching !
Cheers