Stock Market Day Ahead - September 21, 2022 - SPY - 373/393; big range; big day; JPow in the house. 🥳
What Happened Today (Tuesday)
- SPY traded 381 to 386
- I held that SPYc overnight and it got me. It went against my plan and I paid for it. Well deserved.
- I also missed that Lagarde would be speaking - needed to adjust my Economic Calendar settings to allow EUR & UK. That and Putin both caused drops today. Top rope….
- At the end of the day around 385, I started building back my long-term puts position again. I think it’s fine to do so regardless of what JPow says. Any rally will be short-lived when reality hits. I picked up just 1 SPXp for Oct 31. 🎃
- Ford warned about its supply chain. There will be more warnings ahead.
Technicals (Latest)
- SPY levels: 373, 380, 390, 396, 400, 405, 410
- Chart - Weekly: Bearish - It’s curling down now, so it should continue generally down on a weekly interval for a while.
- Chart - Daily: Neutral - needs a fundamental kick for any big move either way.
- Chart - 4h: Bullish - but it’s useless for tomorrow. Fundamental event.
Looking Ahead (Wednesday)
- FOMC is Wednesday at 2pm EST. See my Week Ahead for my thoughts on that. https://stonks.chat/group/7/posts/671
- I am equally torn between this being a positive event and a negative event. Everybody I’m reading feels the same way.
- I’m going to keep it simple and just do a small options strangle. I can pontificate all day on what it’s going to do, but why bother. I know it’s going to move big Wed and probably Thursday, so I’m going to do a strangle with 1DTE (vs 0DTE) and let it rip.
- Check the Weekly Chart below for why i’m building long-term position.
SPY | SPX Trading Plans (Wednesday)
- I’ll add 1 more SPX to my long-term puts position at the open (assuming 384) and then again at 380, 390, 400.
- By 1pm, I’ll set up an options strangle $2 OTM on both sides w/Thursday dates.
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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