Description
⋅ SPY on a 30 minute chart shows a rising wedge over the past week. Price is now under a nearly
flat upper trendline of resistance while the support trendline is rising. The dual TF RSI
indicator shows strength about 70 while the zero lag MACD shows a K /D line cross.
Because of this I believe, SPY may retrace to 468 or the level of the Fib 0.5. Since SPY is a high
volume high liquidity slow spread instrument I see a buying a put option or s short swing trade
short on the shares as strong consideration for the next trading day if the breakdown is
confirmed.
Trade active
⋅ SPY rolled over and dropped nearly to the target retracement. Looking for more out
of the puts expiring on December and will likely close those but keep the Demeber
29th ( still out of the money) going over the upcoming holiday weekend.
Trade active
⋅ See also updated idea linked here
of the puts expiring on December and will likely close those but keep the Demeber
29th ( still out of the money) going over the upcoming holiday weekend.