SPY - watch for a bounce
Updated
This is a purely technical analysis, as fundamentals seemingly mean nothing nowadays.
We need to wait for this signal to confirm, but
SPY is approaching the bottom of its channel and is primed for a bounce. If it hugs the bottom of the channel this should be considered a red flag that the trend may break. If it sharply rejects this indicates a promising long position. Targets should ideally be set around the mid-channel mark, which would be ~$320 depending on duration of trade window.
As for now, I am remaining neutral on this position.
We need to wait for this signal to confirm, but
SPY is approaching the bottom of its channel and is primed for a bounce. If it hugs the bottom of the channel this should be considered a red flag that the trend may break. If it sharply rejects this indicates a promising long position. Targets should ideally be set around the mid-channel mark, which would be ~$320 depending on duration of trade window.As for now, I am remaining neutral on this position.
Comment
I should also note that we're currently flirting with original upper trend line of the longer-term weekly trend.If we fall through this line, absolutely be looking for shorts.
Order cancelled
We have broken out of the trend. Assuming we break 300, look to short to 296. If 296 falls we're falling much farther.
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