$SPY 20260108 688.0 PUT$ The SPY recently hit an all-time high only to be met by a massive midday reversal, leaving behind a nasty shooting star on the daily. The QQQ looked even weaker, showing a more pronounced bearish candle that signaled trouble ahead. Last night’s session finally provided the confirmation we were looking for, locking in the shift toward a downward trend. My SPY put narrowly escaped assignment by expiring just out of the money, which is a massive relief given the current setup. While I’m focused on selling 0DTE puts for the wheel, I have no interest in being assigned at these levels. Getting stuck with shares at an all-time high right before a correction makes selling covered calls a miserable grind, so I’m staying cautious on the bigger picture. Trade Feed: Who is your favorite trader?
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