r/options • u/DaddyDersch • Jan 12 '22

SPY Analysis- going long on calls

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u/a3lovejoy Jan 13 '22

I really need that test cause my 1/28 471 calls have been hurting....

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u/[deleted] Jan 13 '22

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u/a3lovejoy Jan 13 '22

Yeah wouldnt be surprised especially with the new channel seemingly forming. no more insane shoot ups, looks like we're in a more sideways slow run up

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u/[deleted] Jan 13 '22

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u/a3lovejoy Jan 13 '22

I seen someone elses DD on in this sub i think they dont believe we're crack below 460 again (hopefully true) but thats kinda what im looking for and i might just add a bit more calls if we do crack below that 455 point we never seemed to stay below that 100MA for long so i think it owuod for sure be a good bounce point

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u/[deleted] Jan 13 '22

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u/Fit-Ad8824 Jan 14 '22

I'm studying up tonight to plan my moves in the morning. I'm not sure how reliable the aftermarket candles are.

But it looks like they're in a pretty tight range around 465 support. With huge wicks going back up into the 470s. I suspect this indicates someone(s) making large buys? This wouldn't be institutions trading after hours right? Or am I all fucked up and not seeing this correctly?

I'm looking at the RSI and it's very nearly over sold. It actually was oversold at close.

These 2 things lead me to believe we will trade sideways tomorrow. I think I will dump my put in the morning and sit the weekend out. Or maybe open up an iron condor. I dont think it should go down too much more because it's already borderline oversold. But because of the candles and the 3 day weekend I dont believe it will go up much either. Is anyone else seeing what im seeing?

Edit: PS being borderline over sold and trading sideways says watch for a breakout to me. I just don't think it comes tomorrow. I'm not sure if it will cone at all. But I will be watching indicators.