$SPY Short 280 Puts

SPY Market Breakdown - June 29th, 2020

  • Looking at the 2H here, SPY last week broke out of this upwards channel it was trending in for the last few months and is losing it's longterm support (green box)

  • If we keep getting more and more 2nd wave corona news as well as fomo fear news in the american media, I can definitely see a $282 put on SPY

  • 294 is the 1st level of support down now that will touch

  • 286 is the top of the support zone that we've seen on 18th May a wild Futures gap upwards.

  • Very real possibility, proceed with caution. Market makers are also ruthless.

As always please do your own research, I am not a financial advisor.
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great wonder, look at my indicators I shared in the scripts
+1 Reply
kyer DaweFXHunter
@DaweFXHunter thank you
Feds are back , I don't think we are going to see SPY below 300 for some time...
+1 Reply
kyer abigreen
@abigreen Very possible scenario as well, iā€™m thinking though price has started trending sideways out of this channel it can either nosedive down or spike right back up from here
Big rally today. I wonder if futures will run a repair job overnight to bring price back into the channel you drew.
+1 Reply
kyer TradeMeOut
@TradeMeOut, anything is possible, can't wait to see what happens tomorrow
upvoted. nice updates today.
+1 Reply
kyer ProjectSyndicate
@ProjectSyndicate, thank you!
Great read brother! I see the same thing
+1 Reply
kyer DotcomJack
@DotcomJack, thank you for your kind words brother
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