SPX SPY is sitting on a potential support zone

Updated

This has been a very contained back and forth 20 plus days long range. This range also has had a decreasing daily range also until late this week. I will be watching for a break of this general area, This to me is the turning point to a larger retrace or a move back up traveling the entire range to the ATH area. Step back and ask, this coming week who is winning longs or shorts.
Watch for updates as the week opens, last week no directional trades just day scalps.

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Oh, sorry for the just on the right of the price chart.

Note

Still just watching. M,W,D all inside so far, If market has no direction neither do I.

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Today took us to the bottom of the support zone. Tipping area, However it could put in a bit of a swing low and find bottom, but bottom or trap door soon.

Trade active

Good Day!
Today Apr 17th, if the SPY goes above yesterday's high I will be seeking a long swing entry.
I always watch to see if the first break out has power to keep going, many of my entries are on the first break out's pull back.
Will update if entry taken.

Order cancelled

Will re group and post new plan. As stated it was a potential support, Nothing done so no harm.

alleytrader

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