SPY Uptrending Reversal Long
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SPY on the 30 minute chart has downtrended since Wednesday the 5th from double top
which is now hard overhead resistance. A soft resistance zone is formed from multiple
touches of a downsloping trendline from 358 to 364 made during September
23 to 30th. Price is now sitting in the middle of that zone having entered
it during the last session. This makes the probability of a reversal higher
than a bearish continuation.
On the 30 minute chart I have drawn the Fib levels with the mid level visible.
Also charted are the SMA 100-50 and 20 lines.
The MACD shows the K and D lines beginning to converge under the histogram.
I will enter a long trade of call options with a near expiration expecting
a reversal and move to the mid Fib levels as shown on the chart targetting
a price of $368 for the first target and $372 for the second.
Upon reaching the first target, I will take half of the position out of the
trade and hold it for the put options after a bounce-off resistance is retested.
If a bounce and retest at the Fib 0.382 or 0.5 levels I will close the trade
and trade again as a short position as a means to profit from whatever
wiggle room the volatility offers.
which is now hard overhead resistance. A soft resistance zone is formed from multiple
touches of a downsloping trendline from 358 to 364 made during September
23 to 30th. Price is now sitting in the middle of that zone having entered
it during the last session. This makes the probability of a reversal higher
than a bearish continuation.
On the 30 minute chart I have drawn the Fib levels with the mid level visible.
Also charted are the SMA 100-50 and 20 lines.
The MACD shows the K and D lines beginning to converge under the histogram.
I will enter a long trade of call options with a near expiration expecting
a reversal and move to the mid Fib levels as shown on the chart targetting
a price of $368 for the first target and $372 for the second.
Upon reaching the first target, I will take half of the position out of the
trade and hold it for the put options after a bounce-off resistance is retested.
If a bounce and retest at the Fib 0.382 or 0.5 levels I will close the trade
and trade again as a short position as a means to profit from whatever
wiggle room the volatility offers.
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