Spy within short entry area

6 Jan 2023

Now seems like a good entry for short. I think 390 is the target they are shooting for before making a move down due to it being a key price area it either rejects from or rallies from. I am leaning more towards bearish due to it price being below the box to start and with a stop loss in mind - just above the the red box for a new low as of recent price action ~ below 374.77.

7 Jan 2023

Nota

i adjusted the short box area to fit another box that i think could be correct. so the top of the red box is now 385.10 and the bottom remains as is. stop loss now has risen to above 385.10. ~385.5-386

7 Jan 2023

Nota

another adjustment - with the increase in box size for the red key zone - the middle or reversal point would be ~391.7 now. if it reaches that price range, i expect it to be rejected strongly in a day or two and not just a pullback - meaning breaking below 374.77

7 Jan 2023

Nota

correction - top of the box is 395.1 so stop loss would be 396