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VanderStonks

SPY | Three Black Crows and Bear Flags

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
VanderStonks Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Beyond Technical Analysis Chart Patterns
4
3
trendanalysis beyondta chartpattern
Looks like more pain is coming.

The thesis: More downside is coming for these reasons.

1. Massive open interest on Oct. 21 puts
2. Three black crows on the weekly
3. If 356 breaks, it's an elevator down to 338 which is the pre-covid highs

Intermediate rectangle price target is around 353.
Long term bear flag price target is around 335 to 340.

Comment:
Looking at CheddarFlow for options activity, it looks like Oct. 21's are slowing down. They are being rolled out to November, December, and even some January.

Aggressive otm above the ask sweeps. Along with deep itm block orders from institutions.

I think everything is lining up for more downside. Follow big money.
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