SPY is at Trendline support here! But there is also a bearish wedge forming ! If the price breaks the wedge to downside..
What's the trade here ? #RedDevilTrades
- Short SPY if 380-379 support breaks
- Cover 25% at 368-369 zone
- Cover 50% at 356-358 zone
- Cover rest at 328-330 zone.
For the market's sake & our 401Ks let's hope it doesn't come to 330. But...
Looking to enter $CRSR on the break of the pennant to the upside to go long.
However, pennants can be bullish/bearish based on how the price moves out of the pennant. The same logic can be applied to go short if the price moves down out of the pennant.
$CRM was down recently on the acquisition news of Slack. But I see Slack being a shrewd acquisition and will complement CRM numbers. A positive ER call & a co-operating mkt should take them close to $300 PT.