20 Day Break Turns Into A Double Top

Cut our losses yesterday morning on the S&P 500 calls. We were wrong in anticipating the bounce off of the 20 day moving average (orange line). Good thing we only risked a small amount of money by using options instead of stock. Anyway, the S&P looks like it has breached the 20 and formed a double top at the moment. Support is now coming at the 50 (green line) which is approximately $87.00 per share. (We are using a triple leveraged etf of the S&P 500- UPRO. Same chart otherwise below). Updates to follow.

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