Key levels for grossing the SPY Short (08-08-2022)
Updated
Two key levels for grossing up the SPY short:
- 413: A half-sized short position here. 2 key resistance points it has to clear: the POC of the volume profile (last 90 days) and the Senkou B span. Nevertheless, would not go full short as the upside/downside is high (2.1), i.e. has not reached the top of the risk range
- 423: If it clears 413, I'll gross up to a full short position at this level as (1) it's at the top of the risk range and (2) it's the past June 2022 resistance levels (3) Hurst score (measures price memory) shows significant mean reversion and (4) OBV volume is fading, unlikely has the momentum to keep pushing higher
Note
Booked some gains on 9th August but it's time to regross to the full short today! SPY is at 419, and close to the key levels I mentioned earlier
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.