SPY: Monitoring the correction progress
Updated
I'm currently holding short positions in SPY, and looking to add if we break the weekly low, as per the setup posted in my inverted SPX500 chart. Upside risk was a rally to the weekly uptrend target, which if it fails, has bearish implications with the uptrend mode retest as the first objective, and if the mode is broken down, further downside to come.
If you're in the short pay special attention to the key levels on chart.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
If you're in the short pay special attention to the key levels on chart.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
Good progress.Note
Added some levels to SPY, looks fairly bearish here, below the mode at the top, about to breach the FOMC minutes key level, if it closes under it, then that's a really bearish signal...specially if we break all those stops under last week's low (and the approximated key earnings level 'average' for SPY's Q2. The DJIA key earnings level is way more precise than this though, but it'd be too much work to reproduce on SPY)s3.amazonaws.com/tradingview/snapshots/4/45r5ok9f.png
Note
We're breaking the Key Earnings Level it seems. I expect continuation this week, accelerating by Friday.
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