Very short-term picture (1-4 days)
1. Current downdraft may end around SP 827 - I think. Close shorts at that level.
2. NAS 60 min chart Bullish Stoch cross.
3. SPX 60 min chart, no Bullish cross yet.
4. Weakness below 827 implies rally in trouble. Top is after final spike, soon.
Today's Plan: Buy IWM Puts at 845. Stop 850. Sell at SPX 830 or so. Sell RTH Puts at SPX 830.
Mid-term (1 month)
1. Macro conditions not great. NAS will suffer. Homes selling. Housing is at a bottom.
2. Current rally continues. Rate of change doesn't look great. At this point, I'd say top at 900-925.
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