SPY Nearing Trending Resistance
Aktualisiert
SPY NEAR OR AT HISTORICAL RESISTANCE
I will be layering in some shorts this week if we find ourselves trading inside the red box, stopping out if we shoot to the 410-411 area (which frankly may be too generous). I am being somewhat respectful of SPY's recent history of demonstrating bullish tendencies, but I will be shocked if we close a daily candle over 403 given the local chart pattern alongside economic headwinds. Tuesday and Wednesday are the days to keep an eye on, as I believe they will set up the trend for the rest of the week.
I have noted some profit levels based on recent support within the trading channel. No fancy maths here, just observation based on market conditions.
Not trading advice, feedback is always welcome.
I will be layering in some shorts this week if we find ourselves trading inside the red box, stopping out if we shoot to the 410-411 area (which frankly may be too generous). I am being somewhat respectful of SPY's recent history of demonstrating bullish tendencies, but I will be shocked if we close a daily candle over 403 given the local chart pattern alongside economic headwinds. Tuesday and Wednesday are the days to keep an eye on, as I believe they will set up the trend for the rest of the week.
I have noted some profit levels based on recent support within the trading channel. No fancy maths here, just observation based on market conditions.
Not trading advice, feedback is always welcome.
Anmerkung
Lots of chop in the market to kick off the week, I was thinking we were going to see a clearer continuation of the upward trend after opening. Lots of mixed signals at the moment, trade cautiously.Anmerkung
I broke plan a bit and opened a small short position around 400 after it appeared to not break through resistance. I closed it out around 395 - not getting greedy in this current market.Anmerkung
Well, it took a week longer than anticipated but we finally arrived. I layered in shorts above the 404 range up to 408. The profit-taking at end of the day is a sneak peek of what I suspect we will see more of next week. I will respect the stop-out zone I set if the market prints a higher low above 411 with positive momentum.Anmerkung
Closed out at 402 and took profits. Call me Mr. Paper Hands, but I believe we will have a bounce back up this week.
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