What Happened? - 

• We gapped up in the morning a few points and ended up breaking over the key 407 and 410 levels. 
• The fact we held onto 410 all day was a sign of how strong the bullish sentiment is right now in the market. However, all that matters is the CPI data in the morning. 
• For a more in depth preview of the CPI report, check out my post here... stonks.chat/group/9/posts/651

What to Expect on this Week (all times are EST)?

• Tuesday - CPI Data at 8:30am - This is the market moving event, 
• Wednesday - PPI Data at 8:30
• Thursday - Retail Sales Data at 8:30am

Current Positions and Plays:

• I am holding a SPX strangle position heading into CPI with Tuesday's expiration date. Let it die or fly please. 

What Do I Think?

• SPY Technicals - The 30 min and 1 hour charts are slightly under an overbought reading. The 4 hour and Daily are neutral. This is primed for a nice move soon. 
• SPY Fibs for ATH to 2022 low - 407 is the .382 and 421 is the .500. 
• SPY Fibs for COVID low to ATH - 418 is the .286. 

THE PLAYS OF THE DAY for TUESDAY for SPY:

• Scenario 1: CPI comes in low on the topline and low on the Core MoM. I will look to sell my calls near the open and let my puts go to zero. This would offer a greenlight to play calls up until the FOMC meeting next week, so I will look at re-entering calls for a few weeks out. 
• Scenario 2: CPI comes in higher on the topline and higher on the Core MoM. I will look to sell my puts near the open and let my calls go to zero. This would offer a greenlight to scalp puts up until the FOMC meeting next week, so I will look at re-entering puts for a few weeks out. 
• Scenario 3: CPI comes in low on the topline and higher on the Core MoM. I will look to sell my calls at the open and see if we fade the move up and hold my puts. This would be the worst case scenario for my strangle and my portfolio. 
• NOTE: I am turning into a swing trader for various reasons, so please keep that in mind moving forward. My options plays will be always a few weeks out because of this. 
• This is not financial advice

Levels I am Watching

• $SPY - levels 400 > 404.40 > 408 > 410 > 415 > 418 > 421