Get started
ChaldeaCode

$spy s&p 500 etf CAUTION CAUTION $spx

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
ChaldeaCode  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Fundamental Analysis SPDR S&P 500 ETF (SPY) SPX (S&P 500 Index) S&P 500 (SPX500) spy500 spyshort spx500short daytrading
10
0
trendanalysis chartpattern fundamental spy spx spx500 spy500 spyshort spx500short daytrading
The S&P 500 broke out of its descending trendline on Tuesday and is bulling, here is why I'm playing this cautiously...

It has a gap (red) that it is beginning to fill. It can easily fill the entire gap (into supply zone) and be in this bear flag territory.

This could be a BIG BULL TRAP. Beware as we head into FOMC Fed Meeting next week. I would not swing long into resistance under these circumstances.

Can it break out above? YES.
Do I think it will? NO.

Only time will tell.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.