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Assessment: Up and down we go, but nowhere fast. It’s a slow grind, but that isn’t really conducive to options trading or finding value. We are clearly at a top, but nobody got rich buying high. There will be a sell-off coming, one that will likely see us back to SPY $500 or below…and that will setup some good buying opportunities. The problem is when this will happen. I am not in a rush to enter new positions unless those new positions are short positions because of how high this market is. However, short sellers are getting crushed most of this year, so why take the risk. I either need to see key supports break to add confidence to a short position or there’s nothing else to do because I can’t buy here.
SPY Chart: https://sblk.io/s/rxaOfeUYsJfLTxl
Good luck in your trades!