• SPY traded 371 - 379
• 🏆 “Scenario 1: If we open below 377, I’ll look to buy puts down to 375/373.  At 373, I’d buy calls.”
• We got the dip I was expecting overnight (though I didn’t hold puts overnight…grrr) after the CPI data spread around.  Then we got the bounce.  It wasn’t at 373, but at 371.  373 tried its best to hold, but there was a lot of selling pressure at the open.
• Once that cleared out, it ripped up quick to 376; back down to 373 again - held that time - and then off we went to 378.  Under 373 we had gotten into very oversold 30m/1h territory.  A bounce was going to happen.
• 373 remains one hell of a level
• Financials got slammed on JPM weak earnings
• That triggered a rotation out of Financials and into Tech - by the looks of it.  QQQ closed green against all the red on Dow/Energy/Financials.
• DXY breached 109 this morning. I was expecting 110 by end of summer, not….this month.
• Waller at 11am all but confirmed 0.75 end of month and 1.00 is on the table.  The odds are going up every day.

• Reports: Retail sales & others @ 0830; Bostic @ 0845;  UMich Consumer Sentiment @ 1000
• Earnings: More Financial sector folks - Blackrock, Schwab, Citigroup, etc
• NOTE: Next week kicks off ‘real’ earnings season with some of the big tech boys reporting
• There’s a lot of data coming out from 0830-1000.  While it’s not the most market moving, it can move it on Friday.  It should be a low volume Friday after the first 30 min, so that’s normally one for the bulls - if they show up.
• Not much else really to think about.  Just stick to the chart levels and be mindful of next week is land mines all week with earnings from all industries starting.  
• SPY levels:  373 (major) > 375 > 380 (major) > 385 > 390 (major) > 393
• Chart - Weekly: Bearish (Long-term)
• Chart - Daily: Confusing still, but lean bullish
• Chart - 4h: Neutral
• Chart - 1h: Bearish
• Chart - 30m: Bearish

• Scenario 1: If we at/below 380, try to give it until 10am so all the data is out - then if we’re still around 380, puts to 377.
• Scenario 2: If we open above 380, give it until 10am still, but look to exit before 385.
• Scenario 3: If we open below 377, puts to 373.  I wouldn’t switch to calls at 373 this time, though.
• I’m leaning bearish for Friday, but mindful of Low Volume Friday for the bulls to run….