Symmetrical triangle on the SPY

The SPY             is squeezing inside of symmetrical triangle on the weekly chart which portends to a decent sized move one way or the other once price action breaks outside the triangle.

Last week we outlined 2 possible scenarios which are still in effect:

  • There's a higher probability that we break to the upside to hit all time highs.
  • Or we break to the downside and with 201.92 being the first downside target.

For those interested in options - with volatility still tracking on the low side a long straddle or strangle could be an interesting trade.
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