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$SPY correction incoming? Back below $550

677
SPY is putting in a short term top here.

All of the signs are there if you know what to look at. For example, TLT up 2% today. SPY sold off throughout the day. Crypto selling off. Volatility starting to react at the bottom of the range. Dollar continuing to rise.

The chart also is failing at resistance.

I could see one more attempt at a move higher, and if we fail at $602 or lower and fall back below $597, it'll be extremely bearish and the confidence in this move playing out strengthens.

I think we'll see $527-531 over the next couple of weeks. Playing the move through UVXY calls.
Nota
Looking like we'll hit the original idea of $614 before the move down. Targets to the downside remains the same. I'll likely take puts on SPY once that level gets hit.
$SPY up to $614 as final blow off top move?

I'll also be adding to UVXY tomorrow.
Nota
Looking like the pivot is now bringing price back down.
Dagangan aktif
Now that we're below the resistance levels, I think the likelihood of this idea playing out is pretty high from here on out. Just going to play the idea via UVXY calls again
Nota
Down we go
benjihyam
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Pivot Pointssp500indexSPDR S&P 500 ETF (SPY) Support and ResistanceTrend Analysis

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Pivot Pointssp500indexSPDR S&P 500 ETF (SPY) Support and ResistanceTrend Analysis
benjihyam
Juga pada:

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.