Almund

Hunter patiently waiting for an opportunity

AMEX:SPY   SPDR S&P 500 ETF
62 0 1
The volume spiked on 24.06.2016 but difference between open & close price was $0.50. Mr.Market was struggled to maintain at that price range. Eventually, the price took a dip to test the water at the long-term support level followed by an exponential increased by 9.20% within 18 days.

Thereafter, price consolidation kicked in with low volume for more than a month. SPY             was also seen trying to break the long-term resistance level for several times but to no avail.

Volume spiked and price took another dip on 09.09.2016. Is it caused by institutional investors/traders for selling off a big chunk of shares? Regardless, my idea is it will cause another sell off and hit the short-term support 1 level. Low volume trading trend might continue. Price might consolidate between short-term support 1 & 2 prior to FOMC meeting on 21 Sept.

In current situation, I will just wait for Mr.Market to break through support 1 level. Then, I will take short.

Entry price : $212.60
Profit taking : $210.10
Stop-loss : $214.08
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out