Stock Market Day Ahead - September 1, 2022 - SPY - 390/396; more pain before a bounce; brace yourself. 😱
SPY | SPX Trading Plans (Thursday)
- I’ve got SPX calls - painful.
- Scenario 1: I’ll add to that pile at 390 and bounce; I’ll exit on a bounce above 396. That should put me near flat.
- Scenario 2: I get onboard with the weekly chart, ditch my position for big loss at 390 break, go huge on October puts and ride this pig to 380.
- Going into Friday, I plan to play the jobs data post-news and ride the wave.
Review & Analysis…..
What Happened Today (Wednesday)
- SPY traded 395 to 401
- Bulls tried at the open, but selling knocked them back out. It’s fade the rip season, has been all week.
- My scenario triggered, but let’s not talk about where I actually bought those calls. 🔪
- NVDA or Suez Canal news knocked the hell out of the SPY in after hours, as well. It’s -2.5 more in AH.
- 396 broke - major support.
- 393 broke in after hours.
Technicals (Latest)
- SPY levels: 380, 390, 396, 400, 405
- Chart - Weekly: Bearish - important crossing of the Ripster Clouds. Long ways to go down now.
- Chart - Daily: Bearish - Pullback continues.
- Chart - 4h: Bearish - We’re in oversold now. This one in particular can press on for a few days - so I wouldn’t take the bait quite yet - but be ready for a bounce.
Looking Ahead (Thursday)
- Weekly chart called the summer rally.
- Weekly chart looks to be calling this dip - and we’ve got so much further to go.
- There’s not really powerful/high volume selling, but there’s just no buyers. Why would there be?
- I can’t think of any reasons to buy here except technical bounce that’ll be weak and short-lived. Fundamentals say it’s going way farther down.
- I’m looking for continued downward pressure on Thursday without any fundamental event to rescue it.
- Friday is the only shot the bulls have. The technicals will be prime for a bounce, so if there’s even a ray of hope in those jobs numbers, we’ll get a big bounce.
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Maverick's Moves
Created By: | Maverick |
Created: | Feb 8, 2021 |
Total Followers: | 13 |
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I trade SPY, QQQ, and specific story sectors using technical analysis and gut rubs.
I'll post my thoughts and market moves here.
Twitter: twitter.com/stonks_maverick
Substack: mavericksmoves.substack.com
I'll post my thoughts and market moves here.
Twitter: twitter.com/stonks_maverick
Substack: mavericksmoves.substack.com