Yellow MA5 / Green MA20 Observance
- MA5 remains above MA20 but coming back close to one another (prices are closer to mean now)
- Friday got supported well by MA20 (120)
- Considered bullish if stays above MA20 and MA5 ticks back upwards
Island Reversal
- Area of balance between 117 and 130 is an island
- A bearish outcome is called an island reversal where it breaks down through the gap down to 112 and then 108
Controlled Sell Channel & Buy Continuation Channel (30mins chart on right)
- Evidently, it has broken out of the buy channel and on a very controlled well channel approaching the gap fill top 117
- A continued sell algo will bring it down
My Watch/Plays
- Continue adding on to sold puts to ride this run
- If it stays above gap of 117
Good luck, all!
icezzz : u will sell put if continue drop ? What’s strike price? Itm or otm?
Asphen OP icezzz : I go with strike prices of 85 90 95 100
icezzz : Thanks.. how about Qqq? looks like pullback more than reversal? plan to add position next Tue
Asphen OP icezzz : same as SPY
geda icezzz : Currently, the size of the US options market is so large that it is affecting the pattern of the stock market. A series of options-related strategies have driven the recent rise in the US stock market
geda Asphen OP : The current situation of US stocks is similar to the situation in 1987-1988. There will be another 10 years of big bull market
Asphen OP geda : OK?.