Today I have bought 1 August 17 SPY put 131 strike contract expecting the market to decline further down since it broke through 50 day SMA on high volume. I am expecting the market to go further down to the second resistance at 130 points. The market is in sideways overall, but potentially creating a head and shoulders pattern, thus the market should go all the way down to 126-ish point to complete the pattern. There we will see if this head and shoulder pattern will be a trend reversal (further decline, bearish market) or a continuation pattern. Time will show.
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