tipere445
Long

Nice trading opportunity for this week

AMEX:SPY   SPDR S&P 500 ETF TRUST
Good day folks,

The selloff seems over for now, but this remains dangerous. I think SPY can gain 1% by the end of the week, so I am long trading Friday expiration calls.

Bullish view
Double bottom in the 4 hr RSI suggests a reversal;
• Channel breakdown means that the market could try to go back in;
• Possible Head & Shoulder, the right shoulder is still missing.

Bearish view
• Market flattening creating at the same time a possible Head & Shoulder pattern, so we may have a further bearish situation;
• Channel breakdown could trigger a selloff if it fails to go back up;
• The rise in interest rate pressures the growth stocks (small caps, tech).

Thank you,
Comment:
To add to the idea:
VXX could make a H&S pattern and SPY an inversed H&S.
We gonna see if it works out.
Trade active: Looks like to be a good spot to initiate a position.
Trade closed: stop reached
Ouch... good time to buy a straddle/strangle tomorrow in my book.
Reply
Thanks for posting- nj!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out