NickCoulby
Short

SPY at a turning point? Anticipating some downside

AMEX:SPY   SPDR S&P 500 ETF
312 1 7
There's a 12 day upside mode expiring with a failure to reach the target and a highest low has been broken right below a key low volume node resistance level. Throughout this upside leg that began February 11th, there has not been a single legitimate upside range expansion bar that has confirmed itself, with momentum dying out throughout the entire leg (using a 34/5 MACD with the data stretched via bar time to reach between 140-150 bars). Shorting now with half an ATR stop above the referenced low volume node (205.23) could yield a 3R short. GL!
The setup is a good one.
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