SPY possible scenarios for next weeks , oh and that friday eod
That magical EOD on Friday.....
thats a lot of liquid to move markets so much : was it bull trap ? short covering, feds, hedge or all three, I have no idea.
Technically it was continuation of a daily bounce of EMA50 , but it was ugly day full of confusing moves.
I think that After braking the 391 resistance I think the crazy move up was short covering
Monday will give some better idea.
but for now, To make my life easier, 'll treat it as a bull flag
I made two scenarios to base my trade plan for next few weeks, it all can change, but its a start
I have position in TNA which i took when SPY was at around 391 and Im swinging it as I hope for gap up.
I'll sale it at open if we do gap up, If we gap down, I'll keep my long position.
I prefer this scenario, if the gap respects fib retracement
RSI on one hour is hot, so we'll have to consolidate after move like this, but it may run on Monday even hotter.
I made those longer term predictions, I think we are at the end of this 12 months bull run and the 15-20 % correction is very possible.
Im curious about others opinions.
Please share.
I will update this chart accordingly to changing situation.
Thank you
thats a lot of liquid to move markets so much : was it bull trap ? short covering, feds, hedge or all three, I have no idea.
Technically it was continuation of a daily bounce of EMA50 , but it was ugly day full of confusing moves.
I think that After braking the 391 resistance I think the crazy move up was short covering
Monday will give some better idea.
but for now, To make my life easier, 'll treat it as a bull flag
I made two scenarios to base my trade plan for next few weeks, it all can change, but its a start
I have position in TNA which i took when SPY was at around 391 and Im swinging it as I hope for gap up.
I'll sale it at open if we do gap up, If we gap down, I'll keep my long position.
I prefer this scenario, if the gap respects fib retracement
RSI on one hour is hot, so we'll have to consolidate after move like this, but it may run on Monday even hotter.
I made those longer term predictions, I think we are at the end of this 12 months bull run and the 15-20 % correction is very possible.
Im curious about others opinions.
Please share.
I will update this chart accordingly to changing situation.
Thank you