Trader_97
Long

SPY TRADE IDEA !

AMEX:SPY   SPDR S&P 500 ETF
130 0 1
SPY             opens the day with a 200 point gap lower.Prices are likely to move lower further down before we see a bounce towards the upside within the Bullish Channel on Day time frame.Look to buy around the 197.40 - 197.80 area.If you're looking for a swing trade.This seems like a decent zone for entry with stops just under the 196 mark. Take Profits around 206-208 mark.If Market manages to break above the T.L resistance then you can also try and extend your Take profit to around 215-220 mark I do not recommended it but technically speaking it doesn't seem to be out of the realm of possibility either is all.
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