quicksilver0311
Short

SPY trend April 17

AMEX:SPY   SPDR S&P 500 ETF TRUST
Doji on April 14, making top of crown (trend reversal). If tomorrow is not hugely green, we may have reached the top of bull trap and follow the crown curve to 264 and eventually to 246.

Keep in mind there is always the Fed and trump tweets to work against TA but all signs point to reversal.

Testing ichimoku cloud resistance April 15,16 as well. Tested 0.5 fib multiple times - unable to break through cleanly.
Comment: Seems like futures are bigly green. We may see a clean break of the 0.5 fib tomorrow and if that happens, there is more upside and test of 0.618 fib at 292. Let's see what tomorrow brings.

Comments

seems like its at 290.. i was hoping to test around 250 as well
Reply
@hindraftv Yeah I think we test 0.618 fib tomorrow - trading range 285 - 293
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Why do you think we make this huge jump?
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@elvis0288 There’s news of successful drug testing against coronavirus from Gilead biosciences.
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jryda quicksilver0311
@quicksilver0311, 192k 280c expire tomorrow, that's why..
+1 Reply
@jryda, that as well. Max pain for options expiring tomorrow is 275 though so the move is counter-intuitive if you believe in max pain theory. Also, all my options are going to get IV crushed tomorrow as well lol...
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jryda quicksilver0311
@quicksilver0311, max pain maybe in very low IV situation but not now
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@jryda, By eod IV will be crushed as MMs cover. You can guarantee that.
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