Zkalish

Long SPY if channel bottom holds

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
Despite the huge drop last week, SPY looks poised for a bounce, barring any Fed shenanigans. While there is considerable downside if the current white channel support doesn't hold, I expect a bounce up to fill the gap from Friday, and potentially up to the white downtrend channel median in the beginning of the upcoming week.
Comment: The downtrend channel bottom didn't hold, but as of now the uptrend channel has. Not in this either way because I don't see enough upside/downside until one of the levels breaks again. Will wait it out till then
Trade closed: target reached

Comments

Did it turn out like you were charting for today?
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Zkalish JeremiahBarlow
It fell below a support, but regained it off the up channel from August, so in the end, yeah
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What are the general "shenanigans" possible, and their corresponding likely results?
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Zkalish JeremiahBarlow
Frankly, I don't know - I was in middle school or grade school the last time they raised rates. I expect out go go down in the mid term anyways, but I can't verify that.

I'm going to wait and see with the Fed. I intend to have no positions on the 16th until 15 to 45 minutes after the meeting.
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