Macro Outlook - Weekly
Looking at the weekly. SPY is in a uptrend creating a higher low at 376.42 (12/27/22) and breaking the swing high of 410.49 (12/12/22). Next weekly swing high is 431.73. Vix is between 12-20. Additionally just bounced off an hourly broadening formation.
SPY
Bull Case
Gap fil at 421.20, 222 Bull RJ on Daily, Trading above month/quarter/year open. Look for calls above Daily Monday open and at levels of support/resistance (>Day Open = FTFC). Currently raging between 411.11 - 413.47. Breakout above 413.50 is strong entry wit TP max @417. SL will be at swing low on 5 or 15 min based on delta of contract price of 412 C or 413 C. 414 C could be a better price but more risky if 0DTE
Bear Case
22 Rev off a broadening formation with a MoMo Shooter on the Day. Trading below VWAP on all time frames. If trading below Day open opportunity for puts in play but should wait to add size until break and confirm on 1-5 min of the LDL level 411.11 playing the continuation off a MoMo Shooter to complete a 22 Bear Cont on the day. Max TP @405.21 but would take TP1 at 408 and majority at 406
Looking at the weekly. SPY is in a uptrend creating a higher low at 376.42 (12/27/22) and breaking the swing high of 410.49 (12/12/22). Next weekly swing high is 431.73. Vix is between 12-20. Additionally just bounced off an hourly broadening formation.
SPY
Bull Case
Gap fil at 421.20, 222 Bull RJ on Daily, Trading above month/quarter/year open. Look for calls above Daily Monday open and at levels of support/resistance (>Day Open = FTFC). Currently raging between 411.11 - 413.47. Breakout above 413.50 is strong entry wit TP max @417. SL will be at swing low on 5 or 15 min based on delta of contract price of 412 C or 413 C. 414 C could be a better price but more risky if 0DTE
Bear Case
22 Rev off a broadening formation with a MoMo Shooter on the Day. Trading below VWAP on all time frames. If trading below Day open opportunity for puts in play but should wait to add size until break and confirm on 1-5 min of the LDL level 411.11 playing the continuation off a MoMo Shooter to complete a 22 Bear Cont on the day. Max TP @405.21 but would take TP1 at 408 and majority at 406
Gapped down triggering bear case - USE DAILY OPEN AS MARKER DONT TAKE TRADE UNLESS FTFC