Bull & Bear New Year SPY Options

SPY

We see the indices having a tough January. Long-term trend is still intact. The 10-year yield is a benchmark for bulls/bears. It needs to be down to 4% (currently 4.5%). If it hits 5%, the pullback will intensify. There is a high floor of support on pullbacks, notably the 50SMA ($580) and 200SMA ($550). We are not thinking bear market. We are overextended.


$595 CALL 1/13
Entry: Breakdown under white trendline
Targets 🎯: $595, $598.67

$585 PUT 1/13
Entry: Breakdown under white trendline
Targets 🎯: $585, $583.56, $580

Best of luck to you all and a happy new year from all of us at Pennybois!
🥂🎆🥳