2930 now resistance - are we finally reversing?
On the hourly, we can see we failed to make a higher high. We also broke through 2930, retested on the smaller time frame charts, and it has now turned resistance. The MACD is finally turning over (on the hourly, not yet on the daily). Our next goal is to break through 2905 which is the bottom of our rising channel trend line.
Important support areas bears need to break through: 2905, 2869, 2854, 2754, 2720 .... If we break through 2720 we may finally retest March lows.
Be careful around 2450 - 2650. We may have a bounce here, or Fed go brrrrrrrr at this point.
Breaking and retesting 2869, I will be playing SPY puts to 2000, treading very carefully around the above mentioned levels.
Important support areas bears need to break through: 2905, 2869, 2854, 2754, 2720 .... If we break through 2720 we may finally retest March lows.
Be careful around 2450 - 2650. We may have a bounce here, or Fed go brrrrrrrr at this point.
Breaking and retesting 2869, I will be playing SPY puts to 2000, treading very carefully around the above mentioned levels.
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