Alon_AOB

SPY-Where from here?, AlphaOverBeta Technical Analisys

AMEX:SPY   SPDR S&P 500 ETF TRUST
Hello traders,
The market is in complete chaos in the last two trading weeks, the volatility is high with daily swings that we haven't seen in years, the coronavirus is driving fear up the wall and the market is in no-decision point, these are challenging times to trade equities and so in order to guide our trade we put two lines in the sand to assist making the decision:
1. 2800-2850 to the downside - this critical area is the area that has historically used for supporting the market prices, breaching it will trigger a major downtrend
2. 3000-3020 to the upside - this is the resistance area in the last two weeks, breaking this to the upside, with heavy volume , and risk appetite is back

Trade Smartly,
Alon, AlphaOverBeta

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