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SPDR S&P 500 ETF TRUST
Short
Updated

$SPY bear flag target between $387-443

553
SPY has been consolidating in a bear flag since April 7th. Should we break down from the flag, I can see a sharp move down to the lower support levels.

I think the most likely targets are at $443 and $409. However, it's possible we can find support at the other targets as well.

I think the move likely plays out before June. Let's see where we end up bouncing.

Invalidation of the downside would be a break over $567.
Note
Bought 5/16 $495P here
Trade active
benjihyam
Also on:
SPX (S&P 500 Index)SPDR S&P 500 ETF (SPY) spyanalysisspyshortstandardandpoor500Support and ResistanceTrend Analysis

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SPX (S&P 500 Index)SPDR S&P 500 ETF (SPY) spyanalysisspyshortstandardandpoor500Support and ResistanceTrend Analysis
benjihyam
Also on:

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.