What's interesting is IWM looks bullish, while SPY appears bearish to me in the short term.
They never make it easy, and with big numbers coming out (GDP, Jobless Claims, Oil/NG inventories, etc.) tomorrow we could see a pop then a drop. Bearish divergence leads me to be bias towards 456 zone in the next 1-5 trading days similar to May 4/5 price action.
I'm hedged short with SPY puts, with other longs in the longer term (DEC and 2022 Opex) looking to go Net long after indicators show bullish confluence.
They never make it easy, and with big numbers coming out (GDP, Jobless Claims, Oil/NG inventories, etc.) tomorrow we could see a pop then a drop. Bearish divergence leads me to be bias towards 456 zone in the next 1-5 trading days similar to May 4/5 price action.
I'm hedged short with SPY puts, with other longs in the longer term (DEC and 2022 Opex) looking to go Net long after indicators show bullish confluence.
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This aged well :)
Looking for another flush to get long until the end of the year.