$SPY update 5%+ correction then retest of highs
Originally I was thinking that we'd see a move to the $480 support after testing the highs, however, because we haven't fallen yet, the chart no longer supports that view.
Instead, I think the most likely scenario is that we fall on or after Wednesday 5/29 back to the low $500 area, then we go back to test the highs at $530.
The retest of $530, will setup the lower high which will start the bear market.
So basically there's one more chance to buy the dip in the low $500s, ride that back to the highs, and then you'll want to be a seller from July onwards.
Let's see how it plays out.
Instead, I think the most likely scenario is that we fall on or after Wednesday 5/29 back to the low $500 area, then we go back to test the highs at $530.
The retest of $530, will setup the lower high which will start the bear market.
So basically there's one more chance to buy the dip in the low $500s, ride that back to the highs, and then you'll want to be a seller from July onwards.
Let's see how it plays out.
Comment:
Leaning towards that $480 outcome like the original idea and same timeframe. Trump news is likely not going to be taken well tomorrow. That combined w/ PCE = lots of downside.
Let's see what happens at open.
Let's see what happens at open.
Comment:
Still chopping. Don't think the sustained move down comes until Wednesday now.
Comment:
Bought 6/14
500P
500P
There is still a possibility that we move all the way down to $480, but being conservative in the options play.