$SPY ST bullish idea in a sea of Bears
Updated
Technically speaking, in the recent term SPY has just now retested the mid March breakout.
With high Bearish sentiment, even if we don't see ATHs , I think we do have a "bear market rally" in the near term
Of course, a breakdown here invalidates the idea, but certainly wouldn't be going crazy big adding to shorts down in this hole.
I like the R/R of this idea, and will be watching to see what price does this week with FOMC, very pivotal, and still some big ERs ahead.
Note - I'm still hedged short on some weak names but I am looking to add some small longs, especially with VIX above 30 can expect some rallies and good R/R IMO
With high Bearish sentiment, even if we don't see ATHs , I think we do have a "bear market rally" in the near term
Of course, a breakdown here invalidates the idea, but certainly wouldn't be going crazy big adding to shorts down in this hole.
I like the R/R of this idea, and will be watching to see what price does this week with FOMC, very pivotal, and still some big ERs ahead.
Note - I'm still hedged short on some weak names but I am looking to add some small longs, especially with VIX above 30 can expect some rallies and good R/R IMO
Note
Ended up a nice hammer candle respecting the trendline perfectly : ) Let's see if we can get some follow through this week! Went long 5/13 411 calls, up 30% so far
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