| Author | Source |
|---|---|
| u/gherkinit |
Happy Quad-Witching Superstonk!
What does this mean?
Historically nothing, but it’s fun to talk about :
This doesn’t necessarily infer market volatility but we could see increased arbitrage and volume today
I expect to see a lot of near OTM puts to get loaded up today with the ultimate goal to keep us trading at or near this weeks max pain of 220.
Hopefully by close of market today we hear some confirmation on the ATM offering, regardless I expect lots of volatility next week as the Russel rebalancing occurs.
If you guys haven’t had a chance to Check out this weeks forward looking TA
Join us in the Daily Livestream https://www.youtube.com/c/PickleFinancial
Or listen along with our live audio feed on Discord
(save these links in case reddit goes down)
Historical Resistance/Support:
116.5, 125.5, 132.5, 141, 145, 147.5, 150, 152.5, 157(previous ATM offering), 158.5, 162.5, 163, 165.5, 172, 174, 176.5, 179, 180.5, 182, 183.5, 184.5, 186, 187.5, 190.5, 192, 195, 196.5, 197.5, 200, 209, 211.5, 214.5, 218, 226, 232.5, 235, 242.5, 250, 255, 262.5, 275, 285, 300, 302.50, 310, 317.50, 325, 332.5, 345, 350, moon base…
After Market
Closed down from max pain. Today was as uneventful as expected, but at least we avoided the put gamma below 200. Stay tuned for my DD coming out this weekend and I will see you all bright and early Monday for another week of hopefully less sideways trading.
Edit 6 3:05
When people ask why we get dragged around by the market so much
Edit 5 2:22
Possible climb back to max pain intiated
Edit 4 1:33
Still nothing this is just a slow day. The market is volatile but holding. GME no volume and just getting pulled around by market pressure. I expect closing at or near max pain is the best possibility for the day.
Edit 3 11:47
Slow climb back up to VWAP market down but holding. The volume is awful I wouldn’t be surprised if we just end near or below max pain for the week.
Edit 2 10:20
SPY is stabilizing for now GME running down on non-existent volume just hit 1M for the day. I’m not super worried about the price till below 210. After 210 there is a decent amount of put pressure.
Edit 1 9:48
So GME just absolutely sideways. The market seems to be holding on. Looking to see if the spy slips 417.
Pre-Market Analysis
Pre-Edit 2 8:40
The spy has officially entered it’s correction range I was waiting to confirm this. This looks at least moderately serious. If it crosses below that lower support we may be looking at a flash crash type scenario. This could benefit GME as it can force margin calls. Remain calm while GME might not have a crazy quad-witching the rest of the market could.
Today will either be pretty flat with some downward pressure to maintain max pain . The shares borrowed yesterday have yet to be returned so shares available to borrow stands at 1.015M (1M from Fidelity). Pre-Market is pretty flat today Volume at 16k (8:15am EDT). With the broader market issues (SPY and RRP) and MSM pushing AMC this week we could just see more sideways trading till some sort of announcement is made.
One other note the cup & handle from this weeks DD looks like it is nearing it’s breakout on the 1D and the lower Bollinger band has moved back inside the Keltner channel (indicating higher probability of breakout) .
Cup & Handle on 1D timescale
** Although my profession is day trading, I in no way endorse day-trading of GME not only does it present significant risk, it can delay the squeeze.*
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