FriscoTrades

$SPY Careful Kings Bearish Divergence

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
What's interesting is IWM looks bullish , while SPY appears bearish to me in the short term.

They never make it easy, and with big numbers coming out (GDP, Jobless Claims, Oil / NG inventories, etc.) tomorrow we could see a pop then a drop. Bearish divergence leads me to be bias towards 456 zone in the next 1-5 trading days similar to May 4/5 price action.

I'm hedged short with SPY puts, with other longs in the longer term (DEC and 2022 Opex) looking to go Net long after indicators show bullish confluence.


Comment: Gap down to 457 , let's see if bears can take it lower.

Looking for another flush to get long until the end of the year.