Current Positions and Plays - 

• My core put position wasn't too bad today. I even added a few more and have them until December. 
• I swung a call hedge overnight and closed those nice and green at the open. I then scalped AMD and SPX calls all the way up to 384. I then went one more time in the SPX calls at the 385 test and then the bottom fell out. This wiped out most of my profits today. Very infuriating...
• My DWAC play ended up profitable on the shares and red on the calls. I am still holding a few calls to see if the anticipated republican wins will push it higher in the morning. 
• Rought day for me all around. Broke a lot of rules, overtraded, and went off script. 

Economic Data this Week (all times are EST)? - 

• Check the full calendar here: stonks.chat/feed/catalysts
• Fed Speakers are all over the place this week. And I expect a few more to surprise us each day like what happened last Friday. 
• Wednesday - Wholesale Inventories at 10:00am 
• Wednesday - Fed Speaker Barkin at 11:00am
• Thursday - CPI Inflation Data at 8:30am  ⚠️
• Thursday - So many Fed officials talking following the CPI report. Going to be a wild day
• Friday - UoM Consumer Sentiment at 10:00am

THE PLAYS OF THE DAY for WEDNESDAY for SPY:

• The big event is on Thursday in premarket with the CPI, so I anticipate Wednesday to be a very choppy day. I lean that it will be red with some de-risking happening throughout the day. 
• I will look at entering calls on any dip tomorrow to hedge my core puts position heading into the big CPI day. 

CPI Preview: 

• The headline number is expected to drop from 8.2% to 7.9%.
• The core number is expected to drop from 6.6% to 6.5%.
• If the core inflation rate comes in at or below expectations, you will see a major bullish move in the markets initially off the reading. The thing to watch here is if the move stays during the regular market session on Thursday. If it does not fade, we could see a major run to 410 in the next few weeks. If move gets faded, we are stuck in a choppy mess from 375 to 390 for a while. 
• If the core inflation comes in above expectations, we could a violent move down. Possible June lows test at 362 by the end of the week and possible new yearly lows within a few weeks. 
• JPow needs to see meaningful drops in inflation for consecutive months before he will consider slowing rate hikes. With the rise in energy prices in the last few weeks, it is hard to see inflation slowing meaningful anytime soon. 
• Reminder: Fed target rate for core inflation is 2%, so we are a ways away from a rate that JPow will be satisfied with. 

SPY Technicals - 

• SPY Technicals - The 30 min, 1 hour, 4 hour and Daily are neutral. 
• SPY Fibs for ATH to June 2022 low - 390 is the .236 line and was met with rejection this week.  362 is the .000 line. Bulls keep recovering this line. This is proving to be solid support now. 
• SPY Fibs for COVID low to ATH - 380 is the .382. 349 is the .500. That .500 level is the real deal and the current YTD low. 
• SPY - The 200 Weekly SMA is 361. The bulls need to keep this level.

Levels I am Watching

• $SPY - levels 363 > 366 > 370 > 373 > 376 > 380 (major level) > 383 > 386 > 390
• 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. 
• This is not financial advice