Over the years spy has traded between two trend lines that have formed a rising wedge. There's a possibility in the coming months to years we break the bottom support line and fall significantly. However, this is an observation from the 2 week time frame of the Spy chart. I'm currently short on spy until the bottom trend line near $295 to $300 is reached. We can possibly bounce there or break down and head lower. This is a 6-12 month play for swinging options puts.
Comment:
Spy has much more downside on the 2 week time frame with a target of $310-$320 which is shown by our lower trend line of the rising wedge spy has formed
