SPY puts/short
Good afternoon traders!
I have been studying some intra-day strategies lately. Based on the chart above, 258 was my outlined resistance level. The price needed to close above it but it did not. We also see doji candles and the decrease in volume as the price consolidates here in the 257/258USD region, hence why I believe we are due for a reversal. The market needs a breather and I have the yellow line highlighted as its new support level, 250.26 USD. I just entered a Put position which expires 12 days away from now.
Best of luck traders.
I am Balanar the night stalker, I stalk these charts day and night!
I have been studying some intra-day strategies lately. Based on the chart above, 258 was my outlined resistance level. The price needed to close above it but it did not. We also see doji candles and the decrease in volume as the price consolidates here in the 257/258USD region, hence why I believe we are due for a reversal. The market needs a breather and I have the yellow line highlighted as its new support level, 250.26 USD. I just entered a Put position which expires 12 days away from now.
Best of luck traders.
I am Balanar the night stalker, I stalk these charts day and night!
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