SPY: Another chance to short
Updated
quick Idea:
SPY just has a massive rally with no pullbacks and was not able to crack the previous high (yet). It's a risky short but price is resting below the 200MA on the 1HR so has not completely broken out of resistance. I see this playing out as a ABC correction with ~370 as the C wave completion.
SPY just has a massive rally with no pullbacks and was not able to crack the previous high (yet). It's a risky short but price is resting below the 200MA on the 1HR so has not completely broken out of resistance. I see this playing out as a ABC correction with ~370 as the C wave completion.
Note
So far, so good. Could reach target by EOW with this momentumTrade closed: target reached
I'm gonna go ahead and close this one early - Will look for the next SPY move soon but happy with the trade - a lot of other long/short opportunities will be set up in the market because of this move. May still reach 270 by EOD/EOWNote
Glad I closed early before the chop to this brutal bounce!
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