jrolfsen

Ready to go Short (SPY Hourly)

BATS:SPY   SPDR S&P 500
164 1 0
Used lowest lows and highest highs of peaks and valleys to draw out channel. If it holds against tests good trade opportunity of about a 1-6 risk /reward ration.

Out of the long position and ready to go short. Will wait for more testing of resistance and/or a following breakdown of price on volume . TEMA crossover and SRSI down-shift as confirmation.

Watch out also for potential inverse head-n-shoulders pattern.
Recession Round 3?
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