SPY falls into mean VWAP support for LONG
SPY on the 1H chart was riding the cynamic resistance of the second upper VWAP line
in mid July but then pivoted down out of a head and shoulders at the bottom of the month
and is now bounding up and down retesting the support of the mean VWAP line.
The ADX indicator shows the flat line directional index. The ZL MACD is upgoing after a
cross of the lines at the lows. Price is impending another VWAP crossover on the
retest. I see this as an excellent base from which to take call options long targeting
$453 for both 8/18 and 9/1. Please leave a comment, will SPY turn it around here or
seek the downside?
in mid July but then pivoted down out of a head and shoulders at the bottom of the month
and is now bounding up and down retesting the support of the mean VWAP line.
The ADX indicator shows the flat line directional index. The ZL MACD is upgoing after a
cross of the lines at the lows. Price is impending another VWAP crossover on the
retest. I see this as an excellent base from which to take call options long targeting
$453 for both 8/18 and 9/1. Please leave a comment, will SPY turn it around here or
seek the downside?
Trade closed: stop reached:
With the fed news and the associated fear price dropped through VWAP support. Looking for a short entry now,
Trade active:
SHORT SPY to hedge a portfolio of stocks long
