SPY weekly - another lower high from top - 3/25/2016

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Mar 25, 2016 10:20 PM

This week was in the book, and the SPY closed at a second major lower high. I suspect it is heading to $185 level, about 8% drop from current level.

Might be a good idea next week to open a short position with a stop at about $206. Risk is about $3 dollars, and reward can be $10+.

SPDR S&P 500 ETF (SPY)

Comments

A-shot

⋅ Mar 26, 2016 8:33 PM

I imagine a really fast selloff should everyone agree... i wonder if there will be a surprise reason coming out now

CosmicDust

⋅ Mar 27, 2016 2:42 AM

If you observe 200 day moving average line, it is nice and smooth, not a lot surprises (some but not a lot like day by day surprises). If price and RSI can break out from the downward parallel channel, that can be a game changer (more like 2011/2012, than 2007/2008).

A-shot

⋅ Mar 27, 2016 10:08 AM

havent we already seen the 2011 drop down