Is $SPY due to have a corrective wave? Slight Pull-back intrigue
$SPY fell 0.49 percent on the day. It has been testing new highs all of the calendar year. At this point, we could see a reversal to put $SPY under 400. The target would be a bit lower than that, but it really retains a lot of support circa 400; only should that fail should the "Whole number marker" -- as a support area, be discarded.
That said, a short position on the S&P is risky following a day that brought some all-around correction. Short-term bearish; long-term bullish: Which is basically the same as any time a Short of $SPY is enacted. By the opening of the third quarter SPY could easily be over 450, even higher. The naturally logical moves on the natural energy sector mostly fell through, and a shorter-term prospectus on -- something akin to a new watchlist -- is still underway for this trader.
EVEN SO: These are never long played options, really, on the S&P. But, Go thrive and also do your own homework!
- BDR
That said, a short position on the S&P is risky following a day that brought some all-around correction. Short-term bearish; long-term bullish: Which is basically the same as any time a Short of $SPY is enacted. By the opening of the third quarter SPY could easily be over 450, even higher. The naturally logical moves on the natural energy sector mostly fell through, and a shorter-term prospectus on -- something akin to a new watchlist -- is still underway for this trader.
EVEN SO: These are never long played options, really, on the S&P. But, Go thrive and also do your own homework!
- BDR