Live: Friday, April 20, 2018

4/20 – 3:15 p.m. New York time

With less than an hour to go before the closing bell, SPY and the S&P 500 have traced out a net decline for the day. My count shown in the chart, below, stands.

I placed no trades today. Look for The Week Ahead to be posted on Saturday.

4/20 – 10:40 a.m. New York time

The S&P 500 and its exchange-traded fund SPY are continuing the decline that began on April 18. My bear positions, whose entry analyses are here and here, are benefitting from the decline.

However, the Elliott wave count shows that after the present Submicro 4th wave to the downside is complete, a 5th wave will push upward, exceeding $271.30 on the SPY chart by an unpredictable distance. My positions expire May 18, which is 28 days from today, and so my best strategy will be to exit during the 4th wave of the Submicro degree and roll my positions forward to a later expiration.

I intend to use the daily chart Fisher Transform as my exit signal. It moved to downtrending on April 19 after a two-week-long uptrending signal. A return to uptrending will tell me to get out of the positions immediately.

I have updated the 15-day, 10-minute-bars chart this morning to show the current Elliott wave count.

spy20180420

By Tim Bovee, Portland, Oregon, April 20, 2018

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

License
Creative Commons License

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on a work at www.timbovee.com.

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