Market Analysis and Trades for 3/19
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The PharmD_KS Indicator script has now been updated and automatically converts the ES levels to either SPY or SPX per your preference. The link can be found here PharmD_KS Indicator Script V6
The weekly post and for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
I have posted an update to AMD for the week. See here: AMD Update
On the weekly plan (as well as on the Ninja Trader morning show Monday morning) I discussed the risks of a failed breakout and the first two spots I would look for this:
SPX tagged last Monday’s open, faded into yesterday’s close, and gapped down back into range today.
Last night and yesterday in the Discord I shared my QQQ chart. QQQ took out last week’s high, but it ended up as a look above and fail.
We added hedges with SPY 0.00%↑ puts along with SPXU 0.00%↑ and SQQQ 0.00%↑ but frankly I fumbled a directional short on QQQ 0.00%↑ yesterday. Fortunately, the hedges provided some nice protection (we also wrote covered calls on the AMD 0.00%↑ position at high of day at our key 106.07-106.79 spot (an absolute must reclaim)
I went ahead and monetized some (not all) of those hedges today and will decide whether to press short or add to longs after FOMC tomorrow.
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