Below is technical analysis based on chart readings. Refer to chart for macro commentary.
SP500 meaningfully tested 3000 five times in the past 12 months.
First two formed an M resistance - didn't break through.
Third time was also two very close attempts - didn't break through.
Finally, in July, we have seen 3000+ twice. One's already past us, the other one - we are in it right now.
Does this look familiar to you? Another M shape maybe?
Coupled with the macro conditions, I believe the market cannot go much higher from now on, and will correct 10-15% by Dec 2019.
I have sold my SPY . Planning to enter below strategy this week:
I will close above strategy by Dec 2019. Fingers crossed.
SP500 meaningfully tested 3000 five times in the past 12 months.
First two formed an M resistance - didn't break through.
Third time was also two very close attempts - didn't break through.
Finally, in July, we have seen 3000+ twice. One's already past us, the other one - we are in it right now.
Does this look familiar to you? Another M shape maybe?
Coupled with the macro conditions, I believe the market cannot go much higher from now on, and will correct 10-15% by Dec 2019.
I have sold my SPY . Planning to enter below strategy this week:
- Short 270 SPY call Dec2019
- Long 300 SPY call Dec2019
- Initial credit to buy TLT
- Monthly covered call on TLT
I will close above strategy by Dec 2019. Fingers crossed.