Posted by sbaxman111 on 29th of Jun 2016 at 12:15 pm
The Dow's 61.8% retrace from the 18,011.07 high to the
17,063.08 low is at 17,648.94. The current reading is at 17,645 as
of 12:12 pm. Its' 60 min RSI-2 is at 99.40%, its RSI-4 is at
93.15%, and its 60 min ADX 2 is at 96.64.
Not hard to think that at least a short-term pullback might
be in the cards at these levels.
Posted by frtaylor on 29th of Jun 2016 at 12:29 pm
thinking of selling a SPY vertical spread (which I can do in my
IRA), but not til I see some MACD and/or RSI 5 divergence on a
30min or hr chart. Currently nothing even on a 15 min.
you could do that, or you could always close out 1/2 the
position instead of the full position with a tight stop in place
like at 50% of today's candle if you still wanted to ride it higher
vs doing the options
Dow short-term overbought levels
Posted by sbaxman111 on 29th of Jun 2016 at 12:15 pm
The Dow's 61.8% retrace from the 18,011.07 high to the 17,063.08 low is at 17,648.94. The current reading is at 17,645 as of 12:12 pm. Its' 60 min RSI-2 is at 99.40%, its RSI-4 is at 93.15%, and its 60 min ADX 2 is at 96.64.
Not hard to think that at least a short-term pullback might be in the cards at these levels.
thinking of selling a SPY
Posted by frtaylor on 29th of Jun 2016 at 12:29 pm
thinking of selling a SPY vertical spread (which I can do in my IRA), but not til I see some MACD and/or RSI 5 divergence on a 30min or hr chart. Currently nothing even on a 15 min.
you could do that, or
Posted by matt on 29th of Jun 2016 at 12:30 pm
you could do that, or you could always close out 1/2 the position instead of the full position with a tight stop in place like at 50% of today's candle if you still wanted to ride it higher vs doing the options
True. Maybe watch for a
Posted by frtaylor on 29th of Jun 2016 at 12:32 pm
True. Maybe watch for a shooting star or doji to get taken out to the down side for 1/2 the SPY.
yes doji etc would be
Posted by matt on 29th of Jun 2016 at 12:35 pm
yes doji etc would be idea, also monitor 60 min and 2 hr charts for divergence or wedge like patterns
just noticing, VIX is nearing
Posted by frtaylor on 29th of Jun 2016 at 12:39 pm
just noticing, VIX is nearing its 20 ma. An August 25 call is $115. Hmm.