SPY Short to 520
If you can plot and follow SPY, you can understand what the rest of the market may do. SPY has been overextended for quite some time, based on its trendline from the Covid lows of 2020. Please also note the bearish divergence on the MOMENTUM of SPY which is indicative of further downside.
1D/1W displaying bearish divergence on the momentum
While the growth has been good for quite some time, we are expecting a pullback and want all to be prepared.
I'm interested in the potential value areas for SPY at targets of 520 and 530 and as such a short to 520 looks like a good R:R with 2.65 to 1, basing the SL on the prior 1W open
Happy Trading!
1D/1W displaying bearish divergence on the momentum
While the growth has been good for quite some time, we are expecting a pullback and want all to be prepared.
I'm interested in the potential value areas for SPY at targets of 520 and 530 and as such a short to 520 looks like a good R:R with 2.65 to 1, basing the SL on the prior 1W open
Happy Trading!
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