20,38,50 week simple moving averages shown
At/Near resistance.
R1 is at 92.40 (also happens to be the 38wk sma above, which is what I use in weekly charts) and R2 93.60. I have 83.60 as a retracement target after that (with several stops along the way, including the now solid 875 support). Picked up some SPY June 87 PUTS today and added to the JOSB puts. While they may squeeze my Charmin, but at this resistance point, being massively overbought in the daily and weekly and what looked to be a throwback rally signalling a short-term top...I'll take my chances here now that most everyone has been squeezed out. There will likely be a few more squeezed on the way to 93.6 (SPY), but I'm okay easing in on a few more names that I've been patiently waiting for to re-enter earth's atmosphere before shorting. Long exposure has been cut considerably for the short-term. The +XLE/-XRT pair trade is developing nicely so I will continue to ride that one.
