SPY set to meet resistance

If one looks at the market through the SPY this Tuesday, one can see that the index is set to meet a resistance cluster near the 270 mark.

If that level gets passed, we can confirm that the bull market has resumed and the recent "slump" was just a retracement on a larger scale.

However, if the resistance holds ground, another retest of the recent lows might be possible.
Trade closed: target reached: Done. 270 reached. Now watch the next developments near that mark.

Comment: 275 holds together with the 200-hour SMA. Watch that to be broken. If that occurs, 280 is the next target where the monthly pivot point is located at.
Comment: The resistance was broken. That indicates at a continuation of the surge.

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This is a good contrarian view but I think that the drop is over there are a lot of people saying that we are over sold and volatility will be slowing down. The only thing that might cause a sell off again is inflation numbers because of the discount calculation but I am playing it long for now until maybe December.
+1 Reply
Dukascopy Jnate189

We kind of see that the VIX ETN deal should end, and then clarity will unfold. The event is planned for the 20th of February, when Credit Suisse ends the note. By then the index should either break to the either side or get squeezed in with the two seen trend lines meeting on the 20th.

However, the analyst, who is looking into equities, personally is tilted to the bullish side. Due to the fact that the whole slump was created by a systematic issue, and the technically dominant pattern is still bullish. That is also consistent with the yearly equities forecast that we published at the start of this year.

One thing is for sure - there will be some more volatility, and with proper risk management traders can cash in on that, if they react on time or set up their orders properly.

By the way, why are you long until exactly December?
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