Tape Is Getting Very Choppy
I flipped my long from yesterday to short and added TZA calls and SSO puts this morning. They were both up quite nicely on the selloff, but I didn’t take profits. I ended up selling these with small losses. The market right now is definitely giving out short term opportunities, but not swing opportunities.
Top side targets on $SPX are 1096.56-1097.51.
I’m waiting to see how $SPX handles this area. If we break to the upside, 1156-1161-1164 is another cluster of resistance. However, there is enough space there that it will open up the market to play some breakouts. If the market doesn’t handle the resistance of 1096.56-1097.51 then I’ll look to short down 1080.
The key now is to play small, but the upside move is the most likely scenario at this point.
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