• SPY traded 385/393
• Neither of my scenarios were right, so I just sat on the sidelines in awe.  I also was just tired as hell today, so I wasn’t too upset.  That was before the damn thing closed +10 points. Then I just had real FOMO and sadness.
• To scratch my itch, I picked up NFLX (equity) at 200.  I filled at 220 right after the close on the ER.  That put a little pep in my step for sure!
• NFLX had set such low expectations, anything better than bankruptcy was likely to pop the stock.  That played out.
• The news out of EU caused rate hikes there and then the DXY to dip.  This only poured fuel on the bull rally.
• Continued rotation out of oil/commodities - and ignoring the AAPL - speed bump and you’ve got what we saw on the QQQ/SPY today.  Unfortunately, I didn’t glue all this together until this evening, hence the no trades.
• SPY is almost 395 and QQQ over 300 right now in after hours 

• Reports: UK CPI @ 2am EST; US Oil inventories at 10:30am EST
• Earnings: Tesla AH + many more
• This market is raging right now.  +10 on Tuesday and futures are already up another +3.
• Is this a Hot Girl Summer rally already?  I was expecting one a bit later, but maybe these “not so awful” earnings are the spark it needed — though next week is ‘the’ week still.
• After we get UK’s CPI data out of the way on Wednesday morning, it’s a bit easier to get a clear view.  Also next week is FOMC, but I think we all know what that’s going to be at this point.
• SPY levels (updated):  380 (major) > 385 > 390 (major) > 393 > 398 > 400 (psych) > 410 (major)
• Chart - Weekly: Neutral/Bullish - it’s actually breaking up, though still weeks before a cross up.  I remain skeptical.
• Chart - Daily: Bullish.  Found direction.  Lots of room on RSI/MACD to keep going.
• Chart - 4h: Neutral - had the big move today, approaching overbought.
• Chart - 1h: Bearish - it has a little more run in it, then it’s going to be overobught.
• Chart - 30m: Already overbought.
• Without a fresh fundamental event, I think we’re coming down before Friday close, well under 395.

• Scenario 1: If we at/below 395, calls to 398/400 (max).  Then it’s time to find a puts entry.
• Scenario 2: If we open below 390, careful of a bear trap.  I am not sure I’d bother with it.  If anything, look for strength again and entry for calls to 395.
• Just a reminder that it’s earnings season, so don’t get too stuck on any direction…..