Rising Wedge SPY Entry Short Price 371.70 Target Price 368.83 ish SL 373.65 Risk Reward 1/3 Georgia elections hovering over the market. Probably going to drag on for a few days. Consider 15Jan367P puts at entry point Option Symbol .SPY210115P367 Comment below your thoughts on this idea.
Some description: A) A break below is a short term sell signal targeting 3032/30 - 3025, perhaps as far as 3015. The first resistance is at 3100but shorts need stops above 3120. B) A break above the 3156 high this week targets 3160 and 3185, perhaps as far as 3200. Good luck trading!
Over the weekend it looks like the virus has gotten worse within the US. The may lead to more downside this week. We are currently in a correction zone but below $271.2 we are in recession territory or 20% down from our previous highs. I think that $286 and $281 will be hard resistance to break through to go lower. I am going to long puts on SPY but also hedging...
Just noting that the violence of yesterday and today seems more pronounced than August's sell off. We blew right through the gaps at $291.06 and $288.92. That in itself should tell you this should not be played with. This is the proverbial freight train with no brakes. There strictly aren't any buyers. BUT with that being said we're extremely oversold on every...
Morning Notes: 05/10/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish Hi Everyone, Futures are under some selling pressure this morning, but well off the lows we made yesterday. The bulls are trying to form some bullish divergences and I would stick with a hold rec here. The 2942 short was a great entry and let's just manage that...
Ahoy mates! From a long term oriented view the S&P seems to have confirmed the start of a downtrend with pretty significant selling volume . We have cleared the 14 EMA support and it looks like we are headed to test the 50 EMA that is currently sitting on 236.12 for SPY . The EMA is definitely trending near the 24% fib pullback line of 240, 2400 would give the...