Could be reversal pattern on the spy weekly.

see charts at www.tradingview.com/u/WallSt007

on june 15th, we called the make or break on spy(see here www.tradingview.com/...-DGLY-MRNA-GILD-INO/)
it Held the $300 line so it bounced off perfectly.
However, i just peaked at the Weekly chart and saw that we have a pretty indecisive close. This usually signals a reversal pattern (80% of the time)
So if you guys got a lot of calls, or long a lot of position, hedge yourself a bit with SPXS( bear etf) or some VXX.

I personally feel that we could go bearish with Covid wave 2 really surging and we also had a spike in unemployment( that means the economy wasn't recovering as well as we thought)

However, the bullish case is that the fed is still sitting on a lot of money that they could infuse still, i posted a news article update about it on last friday. message me if you need the link.



What is spy?
The investment seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index.

Comment:

This week's Candle is still open so we will see the reveal next week!