SPY Double top/Island reversals
Good evening traders,
AAPL released earnings tonight and 
SPY gaped up after hours. With that said, I am still VERY bearish for SPY. We are still yet to test the December lows. After a 5 weeks of a bull run, SPY needs to breathe. It needs to retrace in order to exhale. I have been day trading SPY recently because it was just so easy to identify the support and resistance because it started to trade sideways. In the hourly chart, we see SPY having reach a double top under the resistance price of 265-266. This makes it even jucier for bears because we see... not one.. but TWO island reversals just under the resistance. With volume going down, a reversal is imminent to test the 50% fib, which would be roughly 255. I bought some shorts due to these technicals. Fundamentals made me even more confident with my trade because with AAPL ER released tonight and SPY gapping up to 264 after hours, I am expecting a bearish candle tomorrow.
I am Balanar the night stalker! I stalk these charts day and night!
AAPL released earnings tonight and SPY gaped up after hours. With that said, I am still VERY bearish for SPY. We are still yet to test the December lows. After a 5 weeks of a bull run, SPY needs to breathe. It needs to retrace in order to exhale. I have been day trading SPY recently because it was just so easy to identify the support and resistance because it started to trade sideways. In the hourly chart, we see SPY having reach a double top under the resistance price of 265-266. This makes it even jucier for bears because we see... not one.. but TWO island reversals just under the resistance. With volume going down, a reversal is imminent to test the 50% fib, which would be roughly 255. I bought some shorts due to these technicals. Fundamentals made me even more confident with my trade because with AAPL ER released tonight and SPY gapping up to 264 after hours, I am expecting a bearish candle tomorrow. I am Balanar the night stalker! I stalk these charts day and night!
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