balanar_NS
Short

SPY puts/short

AMEX:SPY   SPDR S&P 500
Good afternoon traders!

I have been studying some intra-day strategies lately. Based on the chart above, 258 was my outlined resistance level . The price needed to close above it but it did not. We also see doji candles and the decrease in volume as the price consolidates here in the 257/258USD region, hence why I believe we are due for a reversal. The market needs a breather and I have the yellow line highlighted as its new support level , 250.26 USD. I just entered a Put position which expires 12 days away from now.

Best of luck traders.
I am Balanar the night stalker, I stalk these charts day and night!
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