SPY correction continues & another earnings season begins SHORT
Updated
SPY on a 120 minute chart uptrended from October into late March. A standard Fibonacci
retracement for this trend down could take it down to the 475 range or about another 10%.
Current price is under the daily SMA 50 ( blue line) at 495 and could continue to fall into the
SMA 100 ( green line) which is confluent with the Fibonacci retracement level. Deep support of
the daily SMA200 ( red line) representing more than a 50% retracement is at the 450 zone.
Megacap technology earnings upcoming may lead the way down or cause a consolidation for
a reversal. April will likely be a big red month. April showers bring May flowers?
retracement for this trend down could take it down to the 475 range or about another 10%.
Current price is under the daily SMA 50 ( blue line) at 495 and could continue to fall into the
SMA 100 ( green line) which is confluent with the Fibonacci retracement level. Deep support of
the daily SMA200 ( red line) representing more than a 50% retracement is at the 450 zone.
Megacap technology earnings upcoming may lead the way down or cause a consolidation for
a reversal. April will likely be a big red month. April showers bring May flowers?
Trade active
Shortentry add at 502 at the intraday high: Trade active
SPY pulled back on the trend down today making for an add entry on the short position. Note
and the same for NVDANote
and NFLX among others Note
Note
Looking at put options for 2-3 days expiration ITM. Price trending down today tomake up for the uptrend yesterday. Took 2 shares at the first high pivot and will sell
one at the low pivot of the afternoon.
Note
Nice volatility for intrday trades today. Expecting a downtrend resumption tomorrow. Note
SPY reversed today but it may be shorts covering to take profit. I have opted to maintain full short positions going forward for now.Note
SPY is still only 5% below the 2024 ATH and putting in a bit of a bear flag. Overallsupertrend is bearish bias ongoing.
Trade closed: target reached
Proftis realized position closed going long on the rebound. 
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