octradr
Long

SPY ready for breakout?

BATS:SPY   SPDR S&P 500 ETF
128 2 0
The fund has been consolidating since mid-may, but now it broke out of a short-term resistance. I would wait for 1 more bullish sign before getting in, like a close above 166 with good volume for instance. Also interesting to note is that it re-entered an ultra long-term trading range from the weekly chart. If this new support line doesn't hold expect the bulls to swoop in quickly for the kill. Notice the sharp decline of the the lower support line (pink). Happy trading.
octradr
3 years ago
It looks like this pattern is still holding. Volume is extremely light though. I would look to short this market if it gets over 170. Use the long-term resistance line as a guide for your stop loss.
Reply
octradr
3 years ago
It looks like the bulls are turning the tides. Taking profit.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out