The Ripper
Market Update and SPY Levels
Quick Recap
The index’s gapped up overnight off Iran peace discussions, right into potential resistance. Just wanted to put out a quick update but locking profit at open feels like the right move here but we shall see. For now, we want to see if we can break through resistance, 6800 will be key for SPX for upside, 6500 as support below.
Look at the similarities here to 2022 (I am not trying to perma-bear here, just an observation).
Even the weekly RSI bounce level is at the same spot.
SPY Levels
Large Prints From Today
EWY - South Korea ETF, with the #1 Cluster
SPXL - $200M Print Today, likely profit taking for the 3x SPY ETF
Final Thoughts
My lean is that this move fades but could hold up into Opex, CPI print incoming though and could spike volatility. Watch for that 20 level on the $VIX.
Key reminder is that this is a Mid-Term Year, lots of volatility is likely throughout. Survive into November with plenty of cash to deploy and enjoy the the upside.
