SPY is trying hard to go up as it bounces back from the support and has seen the 405 level twice. This area should be considered in high demand for now. Looking at the futures right now, they are already down -0.50%.
Two more things to consider:
1. MACD is trying to cool off as well with RSI.
2. If we see a bounce back from here and break the downtrend, we might see a reversal, but if the 425-430 area gets destroyed.
I'm going to play with calls tomorrow because on May 11, there might be a sell-off considering the CPI report.
Two more things to consider:
1. MACD is trying to cool off as well with RSI.
2. If we see a bounce back from here and break the downtrend, we might see a reversal, but if the 425-430 area gets destroyed.
I'm going to play with calls tomorrow because on May 11, there might be a sell-off considering the CPI report.