Top 5 Weekly Trade Ideas #2 - SPY Short/Long

11 Sep

This is a zoomed in 15m chart, but these levels go back starting in May. That's where the trendline began that we broke below and could retest soon. In addition to that trendline, we would also have the 555 level that should be near the area where we retest the trendline if it happens. SPY still has a ways to go and one important level to break before it gets there, but it should be a good opportunity if it does.

It can work for a long too. If we're able to break back above the trendline and 555, I'd be looking for longs on a retest.

11 Sep

Nota

I can't believe SPY actually just hit 555. What a move off the lows today. It's dangerous to short into strength like that, but I'm loading the boat here after hours. One of the best trade setups I have seen all year. If we gap up a lot and fail to quickly sell off then I'll know it's time to stop out. This could be the last major top for a long time.

That's part of what makes it great, I see 555 as the most critical level right now and it's likely to produce a big rejection, but if it doesn't I can exit quickly. We'll see if it works out.

12 Sep

Nota

Didn't expect SPY to be flat today honestly but it's early in the session still. If there's going to be a rejection it better happen soon, if SPY is able to remain above 555, I'd find it unlikely we have any big rejection.