OVERALL: The majors did catch a bid mid-month, but are beginning to stall as price nears (IWM), hits (SPY), or pierces (QQQ) their respective first resistance levels. Further upside seems limited due to major resistance levels being just overhead, as well as decreasing volume over the course of this latest up-move, but in this market I wouldn't count further upside out completely.
SPY
– Likely upside: 455.50
– Next resistance: 456.48 gap fill
– Major resistance: 459.44
– Breakdown support: 431.73 – 429.70
– Major support: 418 – 415
QQQ
– First resistance: 382.79
– Major resistance: 387.98
– Major support: 357.37
– Breakdown support: 334.42
IWM
– Major resistance: 198.75
– First support: 187.80
– Major support: 179.73
– Breakdown supports: 175.65 / 170.40 / 167.46
In August, I closed 5x trades:
DAL — puts — +27.40%
QQQ — LEAP puts — +22.00%
RIVN — puts — +7.69%
MARA — short — +5.81%
LVS — short — +1.30% (half-off/partial cover)
My swing trading account is 81.5% invested across 21x positions
Hope everyone is having a great weekend & I wish you the best in September!
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