BEI
Short

SPY update

BATS:SPY   SPDR S&P 500 ETF
726 2 5
Prices have a very important reversal level at 175-176 and 179-180, we can deduct those levels from 4h to weekly time frames. today's price action did not confirm the potential reversal and correction YET. This is a red flag and if prices trade above 175 we should be looking for next short term resistance 176.50 and 177, and after 179

BUT, The BBand study will make the 179 very difficult to achieve this week or the next for technical reason (actual BBand+ top on Weekly is 175.63) So this week to the next i will be cautioulsy buying above 175 to 177 target and shorting anything below 174 confirming the reversal for at least a 169-170 move. I am already swing short on some so this will be day trades only in order to reduce my risk and / add on my position depending on the scenario.

On another note We really need prices to not cross previous high in order to make a significant reliable long term top, if we cross it 179 will be the next very long term target for any correction to take place, that means any pullback above ma200 should be bought until we hit 179 if we cross 176. Cheers!
BuboWaveTrader
3 years ago
Potential Bullish move SPY
Reply
BEI
3 years ago
prices dont want to correct yet, give it one more week
snapshot
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