Red_Ben

SPY Hourly Diamond Top at Daily 200 ma

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
Potential topping pattern developing on SPY. Short the breakdown of the diamond top. I'd also be open to waiting for a test and fail above the daily 200 ma, as this has happened twice before (usually with a daily doji) but if we break down before testing above, I'll short that too. Longing a breakout here seems ridiculously greedy.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.