๐ Trade Type: Bullish Rebound Play (Short-Term Swing)
๐ฏ Thesis:
SPY has experienced a sharp pullback, bouncing off key support near 572-576 with high volume. Indicators suggest oversold conditions, hinting at a short-term relief rally.
๐ Trade Plan
๐ข Long Entry (Buy Call Options or Shares)
Entry Zone: $575 - $578 (Wait for confirmation of support holding)
Stop Loss: $568 (Below strong support; exit if broken)
Take Profit Targets:
TP1: $590 (Short-term resistance)
TP2: $600-$603 (Major resistance & profit zone)
๐ด Bearish Alternative (Hedge or Short)
If SPY breaks below $568, enter PUT options or short with:
Target: $560-$556
Stop Loss: $575
๐ฏ Thesis:
SPY has experienced a sharp pullback, bouncing off key support near 572-576 with high volume. Indicators suggest oversold conditions, hinting at a short-term relief rally.
๐ Trade Plan
๐ข Long Entry (Buy Call Options or Shares)
Entry Zone: $575 - $578 (Wait for confirmation of support holding)
Stop Loss: $568 (Below strong support; exit if broken)
Take Profit Targets:
TP1: $590 (Short-term resistance)
TP2: $600-$603 (Major resistance & profit zone)
๐ด Bearish Alternative (Hedge or Short)
If SPY breaks below $568, enter PUT options or short with:
Target: $560-$556
Stop Loss: $575
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.
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.