$SPY Little Hope; But Hope Exists
Updated
Opened calls around 263 this week.
Double bottom on the weekly. Inverse head and shoulders still in play.
As you can see there is a higher high and higher low created as well compared to last years February time from sell off.
These are some potentially powerful indicators of a move to come. The market is facing head winds with rate increases and dollar strength lowering guidance almost across the board.
a close below 258 would invalidate all of these. Thus that is my stop.
Just an idea not advice.
Double bottom on the weekly. Inverse head and shoulders still in play.
As you can see there is a higher high and higher low created as well compared to last years February time from sell off.
These are some potentially powerful indicators of a move to come. The market is facing head winds with rate increases and dollar strength lowering guidance almost across the board.
a close below 258 would invalidate all of these. Thus that is my stop.
Just an idea not advice.
Note
Would like to see volume increase towards the end of this week to confirm a reversal. Again as long as we are not making new lows, which we are well away from now SPY could continue to all time highs.Powell/FED provided a relief rally yesterday, which could get better with G20 being positive and IF a trade deal occurs you will not want to be short. I think there is just too much risk to be short at this point.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.