SPY Potential Resistance
Difficult spot for the SPY at the 61.8 fib and possible tactical short. The 80-day MA was the point of failure multiple times in the 2018 sell-off and now failed once in the current sell-off. We're also trading into upside supply, but if going short, keep a tight stop here as a break above will likely rip to 300.
Note
Watching to see if the 279-280 level holds. If we break that I can see 260. Lowering stop to ensure profit. A bounce here can send us back to 285-288 range.Note
Nearing stop.Trade closed: stop reached
Stopped at 285 - might reshort near 288
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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.