Day 45 Sept Credit Spread Trades
Some notes:
- Charting Was flagging. Broke the bottom of the flag. So as expected dropped.
- Mini Support and resistance at 2100 and 2130.
- Major Support and resistance, 2100, 2000, 1950.
- 20/5 moving average is still bullish, but the candle stick has broken, both lines, so will move to bearish, shortly. if still down next couple days. Remember MA is lagging indicator. Price moves first, average later.
- 200/50 MA is still bullish.
- Double top pattern. Already broke the neck line so u would expect a drop. which it did.
- Candlestick is a sort of hammer, Tail is not long enough. But a little upward pressure. It is sitting on the 50 day average. So big question, does it hold, bounce, or drop. If it drops down bast 50 day. going 2050 and maybe 2000.
- Seasonals? Sept usually a down month. 67% of the time. Wait for confirmation of movement. Do not guess
Waiting for the market to open. To get positions. Big drop out of the gate. going to wait a little bit. Getting cause i have busy day.
- TESTING: 2405/2415 for 40 cents. 1300/ยง350 1.70
- Postions at: VCall at 24052415 for 35 cents. 1300/1350 for 1.60