SPY SHORT, Reoccurring Pennant like SEPT 19
Updated
SPYPennant formation at the borderline resistance.
- Resistance at previous level ~388.
- Resistance under the broadening of a triangle (white linings).
False breakout pennant, loss of momentum (blue flags).
- Similar pennant formed previously on 9/12/22.
- Then, next day it drop about $18/-6.3% down.
- Lack of volume and breakout tried but failed.
Tomorrow FOMC speaks, market uncertainties.
Also, Moderna Earnings this week 10/3 Thursday.
Conclusion, possible minor pullback retracements to previous supports.
Not a financial advisor nor a pro/expert trader.
Just for educational purposes.
Comment
FOMC this Wednesday, 10/2 not tmr mb*Comment
Again. Breakout tried & stopped at the boarder line on of the upper broadening triangle side (white line) but still failed and now it’s back to 388.Comment
VIX is turning green on support.Comment
Fed meeting today and tmr 11/1-11/2.Comment
Congrats to those who shorted this morning! The 390 pump false breakout was a great chance. I think it’s going to 382 but not sure when.Comment
SPY almost reaching 384 atmComment
SPY reached 383Trade closed: target reached
382.67 reached.
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