SPY trending up on 1hr, 4hr, 1d charts
SPY is trending up on 1hr, 4hr, and 1d charts.
I want to see support around 211.31 in the 1 hr chart.
If that fails as a support, I would expect the zone around 210.45-210.66 to act as support in order to keep the trend.
The next support is 208.92
Fundamentally, Yellen said she is going to be patient w/ raising rates, so I think the market will climb higher w/ less fear of rising rates.
I am going to place a short April put spread position @205. Because I believe SPY is in an uptrend, and there are multiple resistances before 205, I think this is a safe bet. I think the market will hold above 205 in the next 2 months.
I want to see support around 211.31 in the 1 hr chart.
If that fails as a support, I would expect the zone around 210.45-210.66 to act as support in order to keep the trend.
The next support is 208.92
Fundamentally, Yellen said she is going to be patient w/ raising rates, so I think the market will climb higher w/ less fear of rising rates.
I am going to place a short April put spread position @205. Because I believe SPY is in an uptrend, and there are multiple resistances before 205, I think this is a safe bet. I think the market will hold above 205 in the next 2 months.
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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.