$SPY here comes the dip. Watch the 1H 200 ema for support, If it fails then watch for our 750-749 level again. If these levels hold I’ll buy the dip in the morning, if they don’t then we might be on our way to the 20 dma currently at 745.99 so I’ll wait.
The move from 749 to 758 had to retrace a little so that’s why I took profits on the calls and didn’t swing although it was nearly just a 16% gain, nothing crazy. Discipline often wins.
$SPY Price successfully reached 758✅ I closed my calls already as you know.
Price is now above all daily moving averages again but I’m still not sure if it’ll close above the 5, which is fine either ways. The 10 dma proved to be a great support to long once again.
Now for me to get back in calls I want to see a pull back and hold around 755. To open puts I want to see a rejection at 762-765 or a close below the 10 dma currently around 753.
Good morning everyone !! Calm and relax.... typical action in strong bull markets. Bull markets don't go straight up. Pullbacks allow the market to digest gains and build a stronger base for the next leg higher. A pullback in a bull market is usually one of the healthiest and most constructive things that can happen. No panic, and enjoy the cheaper prices instead of chasing at highs. The perma-bears who’ve been screaming for a crash and ‘The Big Reset’ all year just woke up this morning.