Live: Tuesday, May 15, 2018

5/15 – 3:30 p.m. New York time

I placed two trades today, a short bear call spread on SPY using options and a long position on SPXU using shares.

5/15 – 11:20 a.m. New York time

I have entered a bear call spread position on SPY using shares that expire July 20.

5/15 – 10:40 a.m. New York time

I have entered a long shares position on SPXU.

5/15 – 10:30 a.m. New York time

SPY reversed to the downside this morning with an opening gap. The Fisher Transform signaled a change to downtrending.

I shall add to my options bear position on SPY, with a later expiration date, and also re-open my shares position in the inverse S&P 500 exchange-traded fund SPXU.

By my Elliott wave count, SPY has begun the 1st wave down in the Minuette degree of the 3rd wave of the Minute degree, usually a wave a great power. An alternative count would count the present decline as a downward leg within a continuing Minute wave 2. Time will resolve the two options.

The SPY chart below covers 20 days with one-hour bars.


By Tim Bovee, Portland, Oregon, May 15, 2018

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.

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