SPY Analysis (1 Hr Chart)
After SPY's fall today, a V shape recovery started to take place.
On the hourly chart, we are sitting at a volatile level (based on Volume Profile), which increases the chances of SPY gapping up or down tomorrow.
We are looking at short term calls over 416.00 and longer term puts under 411.40.
In my opinion, we have a higher chance of SPY breaking the support rather than the resistance seen on the 30 min chart. Reason being due to other indicators such as MACD showing sell signal and increasing bearish volume.
We will have a better idea of the direction at premarket tomorrow, stay tuned.
On the hourly chart, we are sitting at a volatile level (based on Volume Profile), which increases the chances of SPY gapping up or down tomorrow.
We are looking at short term calls over 416.00 and longer term puts under 411.40.
In my opinion, we have a higher chance of SPY breaking the support rather than the resistance seen on the 30 min chart. Reason being due to other indicators such as MACD showing sell signal and increasing bearish volume.
We will have a better idea of the direction at premarket tomorrow, stay tuned.
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