TradeMultiMarkets
Short

SPY Short Swing Trade

BATS:SPY   SPDR S&P 500 ETF
109 1 0
There is a clearly over bought condition in the SPY             which is visible on larger time frames. I have already initiating a short at 162.20. I am waiting for additional bearish confirmation before adding to this position. The arguments against this is the all time highs which are made possible by the global economic stimulus situation (see JPY). At the same time, these things do not go up without retracing, even in the face of strong fundamentals. That is why I am looking for a swing trade short to play out based on technical information. I do not plan to get too bearish since the trend is still up. I will be happy to cover this in the low 161s or high 160s. We'll see how it plays out for the rest of the week. Since there is no cler upside resistance, I will look to the next psychological number 163 to cut my risk.
Update: Closed position for loss at 163. Will wait for re entry.






Update: Stopped out. Took small loss at 163. I am still bearish though. I will wait for a better entry opportunity.
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