Lilbuddadude

SPY at resistance

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
-My last SPY prediction was spot on and the price bounced right off the bottom support and up to the resistance. As we can see, the price reacted well to the resistance and stayed inside the channel. Candle closed as a possible shooting star candle and Indicators are overbought on the 5 & 10min chart and a pullback to support is very possible.
-I'm short going into tomorrow and until price closes above resistance.

What do you guys think?

Comments

i don’t know i think it’ll go up slightly for the next few days until it levels out at 192 and will trade sideways for a while
+2 Reply
Try looking at the #1 indicator of a top, the VIX and its' derivatives barely budging on a big down day then turning negative before the rally began, heading to new 52 week lows while the Put/Call Ratio upticked showing the nervousness of investors fearing another plunge replaying last year's 38.2% correction or worse. VVIX (VIX of VIX) currently at its' lowest point since early December and falling. 5 waves up from yesterday's low leaves another corrective decline in the dust. Try playing the trend rather then second guessing it especially when the analysis is anemic.
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Very probable scenario. Everything is pointing to a correction just need a catalyst.
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