Just now in the pre-market, S&P futures retraced a portion of yesterday's rally. I'd like to see more of a retracement in the regular session. The 38% level is 1227.
I was a little quick to cash in the SSO yesterday morning, but the UPRO position did great. I like these because you can fine tune their delta in scale in and out much easier. You can use them as a futures replacement, or not. I like to save the futures for hedging.
I don't know how we get there, but I see the rally heading to test 1292.66, and therefore has more to go. Watch 1202.37. That's my hard stop for this scenario.
If this rally truly is heading to 1292+, I would not be surprised if 1227 is not reached at all. I'd be pretty happy if it was, though. Should prices decide to head lower, 1217.82 would be the first indication that I should be considering a more bearish scenario.
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