SPY Market Breakdown - July 1st, 2020
Not giving exact entry/exit points because you as traders also need to chart this out by yourselves and make your own decision. If I just tell you the answer everytime, you will never learn how to actually trade. As always please do your own research, I am not a financial advisor.
- 1H chart of SPY update from previous post, looks like it's fighting to regain this upwards channel it was trending in for the last few months.
- I said last post that we were losing steam and if we keep getting more and more 2nd wave corona news I could see $280 puts.
- Well no bias here, saw JP on Bloomberg news this morning wearing a face mask talking about how he's printing more money to save the economy and 2nd stimulus round.
- Shoutout the homie mike turtle bloomberg
We are faced with 2 scenarios now, at a critical decision moment for the SPY
- Scenario 1 - Bullish Case, the price keeps slowly grinding back up and regains this upwards channel before making a move towards $320 resistance level
- Scenario 2 - Bearish Case, the price rejects off this trend and bleeds sideways until hitting $302 & $294 respectively
Not giving exact entry/exit points because you as traders also need to chart this out by yourselves and make your own decision. If I just tell you the answer everytime, you will never learn how to actually trade. As always please do your own research, I am not a financial advisor.
