Daily Discussion Thread for August 17, 2020

Futures lose some steam here after being up over 100 points in overnight trading. The $YM\F) is now back in the chop zone it was in previously to dipping down to test June highs support level. As long as the $YM\F) can hold these levels and the $SPY can stay above 336, bulls will be in good shape moving forward. To compliment that, the “death cross” is still approaching on the $VIX will occur any day now, resulting in a major rally. It’s key to understand these levels here as we move forward. When nearing ATHs trading becomes more emotional. Focus on where major inflection points are and continue to ride the wave to that point. Don’t try to short every rip believing the dip is coming “soon”. You’ll just waste your money. Major inflection point for $SPY is around 360 level. Until then we’ll probably continue to rally.

/r/wallstreetbets Thread