SP500 - Stands at last support, which I think can hold still
SP500 has arrived to the very important support (Trendline + Kumo Cloud)
It is oversold on 4 Hrs timeframe and of course the lovely Turnaround Tuesday is very close, so I think people again will frontrun it and will buy already today. I recommend partial take profit on shorts, and put options and/or cover the bearish positions with 1720 June or 1750 May Short Puts (selling puts for premium). This is what I have done today.
My bias is still bearish, as I think mkts in general do not price risks properly. Let's say do not price any risks, not really sensitive to Ukraine or anything else. In a retest to 1840-1850 I will close these Short Puts, which means I will increase bearish position again, if the technical setup will be reasonable.
In line with this recommendation I do the same with my European shorts for now too. Please see the referring prev. trade ideas below.
It is oversold on 4 Hrs timeframe and of course the lovely Turnaround Tuesday is very close, so I think people again will frontrun it and will buy already today. I recommend partial take profit on shorts, and put options and/or cover the bearish positions with 1720 June or 1750 May Short Puts (selling puts for premium). This is what I have done today.
My bias is still bearish, as I think mkts in general do not price risks properly. Let's say do not price any risks, not really sensitive to Ukraine or anything else. In a retest to 1840-1850 I will close these Short Puts, which means I will increase bearish position again, if the technical setup will be reasonable.
In line with this recommendation I do the same with my European shorts for now too. Please see the referring prev. trade ideas below.
