2026-05-22
🔥 Market Status: SPX is on fire, trading at 7,473 and crushing all major EMAs (9/50/200). We're in full bull mode, up 11% above the 200 EMA!
⚠️ Warning Signs: RSI hit 83.3 on May 14th - extreme overbought territory! VIX sitting comfortable at 18.4 but trending down. Classic euphoria setup brewing here.
🎯 Key Levels: Support at 7,400 (recent consolidation), resistance at 7,517 (May 14 high). We're seeing gap-up opens followed by small consolidations - classic late-stage rally behavior.
📊 The Play: While momentum is strong, we're flirting with danger. RSI cooling from 83 to 75, but still screaming overbought. MACD histogram shrinking = momentum weakening. Next week could bring profit-taking.
Trend: 🚀 BULLISH
Candlestick Pattern: Bullish continuation with exhaustion hints (May 14: Strong bullish candle close 7,501, May 15: Bearish reversal -36pts from 7,445 open, May 22: Small doji-like candle +4pts showing indecision)
Support: 🟢 7397-7408 (May 12-15 consolidation zone and May 22 low)
Resistance: 🔴 7517 (May 14 high - critical breakout level)
PUTBUYExpired SPX @ 7400
Expiration: Jun 5, 2026 · 14 days out | This strategy has expired