SPY 320 Friday 7/17

14 Jul 2020

SPY. In regards to the SPY it’s been in an uptrend. It fell out last week but was able to recover. Looked like we were going to highs again but the covid news and CA shut down of some places (gym, theater, indoor restaurants) spooked the investors. I don’t think this is the end but we are slowly moving towards it. My advice is to pick up some PUTS as a hedge and just keep in your portfolio down the road. Cheaper during rallys. August and further out. 260-300. If you look at the chart you can see the levels as stops. RSI doesn’t show oversold yet. Finally broke 317 and held throughout the day but again news sparked some fears. Important lesson is being able to take profit at open if you can or want to and having an escape plan/safety net if everything goes south. Might see some bleeding into Tuesday/Wed but Trump has too much of an ego to let this bitch fall so keep that in mind. If you have any questions feel free to DM me or anyone or just ask in chat.