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SPY correction continues & another earnings season begins SHORT
SPDR S&P 500 ETF TRUST
Short
SPY correction continues & another earnings season begins SHORT
By AwesomeAvani
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Updated
May 1
8
Cheer
Cheer
5
5
Apr 22
SPY on a 120 minute chart uptrended from October into late March. A standard Fibonacci
retracement for this trend down could take it down to the 475 range or about another 10%.
Current price is under the daily SMA 50 ( blue line) at 495 and could continue to fall into the
SMA 100 ( green line) which is confluent with the Fibonacci retracement level. Deep support of
the daily SMA200 ( red line) representing more than a 50% retracement is at the 450 zone.
Megacap technology earnings upcoming may lead the way down or cause a consolidation for
a reversal. April will likely be a big red month. April showers bring May flowers?
Apr 22
Trade active
Shortentry add at 502 at the intraday high:
Apr 23
Trade active
SPY pulled back on the trend down today making for an add entry on the short position.
Apr 23
Comment
and the same for NVDA
Apr 23
Comment
and NFLX among others
Apr 25
Comment
Apr 25
Comment
Looking at put options for 2-3 days expiration ITM. Price trending down today to
make up for the uptrend yesterday. Took 2 shares at the first high pivot and will sell
one at the low pivot of the afternoon.
Apr 26
Comment
Nice volatility for intrday trades today. Expecting a downtrend resumption tomorrow.
Apr 27
Comment
SPY reversed today but it may be shorts covering to take profit. I have opted to maintain full short positions going forward for now.
Apr 28
Comment
SPY is still only 5% below the 2024 ATH and putting in a bit of a bear flag. Overall
supertrend is bearish bias ongoing.
May 1
Trade closed: target reached
Proftis realized position closed going long on the rebound.
bearishbias
Earnings
healthypullback
marketcorrection
Moving Averages
SDOW
SPXS
SPDR S&P 500 ETF (SPY)
SQQQ
Volume
AwesomeAvani
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