What Happened? - 

• I was off on Friday, so I apologize for not doing a preview.
• The bull trap was set on Thursday at the close and  we gapped down at the open. The market could never recover and we closed near 422. 
• Bears finally got a win after a brutal few weeks. 

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

• We got a busy week ahead. To see all the events, check out our new Calendar page! stonks.chat/feed/catalysts
• Monday - No major economic events. 
• Tuesday - New Home Sales at 10am
• Wednesday - Durable Goods Orders at 8:30am
• Wednesday - NVDA Earnings afterhours
• Thursday - GDP Growth Rate at 8:30am
• Friday - PCE Inflation Data at 8:30am
• Friday - Jerome Powell Speaks at 10am 
• It is all about Friday. Those two items have an opportunity to spark a rally. 

Current Positions and Plays:

• I closed out my SPX puts at the close on Friday. The only reason I did was to re-enter with more ITM puts. I had SPX 4100 puts for 09/16 and I would rather have 4150 or 4200 puts. I will look to enter those on any pop in the market.   

What Do I Think?

• SPY Technicals - We worked out all the overbought technicals on Friday. The 4 hour and daily are neutral. While the 30 min and 1 hour are close to oversold. 
• SPY Fibs for ATH to 2022 low - 421 is the .50 and 435 is the .618. 
• SPY Fibs for COVID low to ATH - 418 is the .236.
• 200 SMA is at 431.57. This is a big level to jump over and has now proven to be the possible top resistance of this bear market rally. 
• SPY seems to be gravitating to the 420 support will be a big level to watch. Look for a stop loss raid near that level. 

• QQQ Technicals - We worked out all the overbought technicals on Friday. The 4 hour and daily are neutral. While the 30 min and 1 hour are close to oversold. 
• QQQ Fibs for ATH to 2022 low - 339 is the .50 and 322.54 is the .382. 
• QQQ Fibs for COVID low to ATH - 315.59 is the .618. Looking at this as support. 
• Keep an eye on the 320 level 

THE PLAYS OF THE DAY for MONDAY for SPY:

• Scenario 1: We gap down under 420. We should see 420 being defended a bit so I expect a retest of 420. If it rejects, look for puts to 416. 
• Scenario 2: We gap up above 424. I would look for a rejection point near 425 and will enter puts to swing until Thursday. 
• Scenario 3: We open flat. Just sit back and look for the 420 level to be tested. We should see a bounce off of it, so play the Fibs and scalp away. 
• 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. 

Levels I am Watching

• $SPY - levels 404.40 > 408 > 410 > 413 > 416 > 420 > 422 > 427 > 431
• $QQQ - levels 302 > 308 > 313 > 318 > 320 > 323 > 327 > 330 > 338