While we have seen the bullish divergence for SPY as well as the higher low, we remain in a larger downtrend. For this downtrend to be invalidated, we have a great setup.
Shorts can be taken around the 4130 mark with little risk. If it fails at this point, gravity takes hold and we either revisit the lows at 3495 or we head to 3400ish which was the pre cupcake highs.
There would be tons of support here.
Also this idea is easily invalidated if we hit 4200.
Shorts can be taken around the 4130 mark with little risk. If it fails at this point, gravity takes hold and we either revisit the lows at 3495 or we head to 3400ish which was the pre cupcake highs.
There would be tons of support here.
Also this idea is easily invalidated if we hit 4200.