I SPY Pennant
Considering the past year of consolidation and perpetual weakness in this market I am watching for an impulsive break down of this pennant. If we do break up, then I would be very cautious as it could very well be a bull trap breakout, where it reverses and breaks back within the structure.
A conservative measured move from our initial selling leg would project us to 275. A more aggressive target could be as low as 270, depending on how you like to use measured moves, from high vs breakout.
We are right in the middle of this pennant, which means this 285.58 level is our point of control for this move. I would be getting shorts in while we are above the POC, and then continue or cover based upon the pennant breakout.
Godspeed
If you are long in this market, please be careful.
A conservative measured move from our initial selling leg would project us to 275. A more aggressive target could be as low as 270, depending on how you like to use measured moves, from high vs breakout.
We are right in the middle of this pennant, which means this 285.58 level is our point of control for this move. I would be getting shorts in while we are above the POC, and then continue or cover based upon the pennant breakout.
Godspeed
If you are long in this market, please be careful.
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