SPY Trade Idea
Possible rising wedge forming, a continuation pattern in a down trend or reversal in an up.
Today felt "toppy" IMO, long weekend ahead, lets see what Monday brings... If wedge is validated this oughta make some put holders happy, but one more impulse up before more down... unless JPOW printer go brrrrr.
Looking at ~$264 for local low and ~$293 for top.
Added a few potential outcomes based on major support/resistance horizontals.
The low of $156 (although hard to imagine it going that low) is the 2007 top.
Cheers!
Today felt "toppy" IMO, long weekend ahead, lets see what Monday brings... If wedge is validated this oughta make some put holders happy, but one more impulse up before more down... unless JPOW printer go brrrrr.
Looking at ~$264 for local low and ~$293 for top.
Added a few potential outcomes based on major support/resistance horizontals.
The low of $156 (although hard to imagine it going that low) is the 2007 top.
Cheers!
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