SPY Reversal Short
Updated
SPY has retracted to the fib level of the mid August to mid October downtrend.
IT has stalled at the .618 Fib level while the MACD and RSI indicators are
showing bearish divergence. All in all this foresees an end to the bear market
rally. This seems to be a good entry for put options with near term expirations.
Stop loss of 5 and targetting the Fib Levels of the retracement down from
the uptrend that followed Covid in April 2020 through 12/25/21.
IT has stalled at the .618 Fib level while the MACD and RSI indicators are
showing bearish divergence. All in all this foresees an end to the bear market
rally. This seems to be a good entry for put options with near term expirations.
Stop loss of 5 and targetting the Fib Levels of the retracement down from
the uptrend that followed Covid in April 2020 through 12/25/21.
Trade active
SPY down 1.5% consistent with the published idea. Call options did great today.One to the bank two runners still "bearing down".
Trade active
Another keg down is another option closed profit to open another for Friday expiration,
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.