SPY - bearish - pitchfork analysis
Updated
On the weekly chart SPY is close to some resistance pitchfork lines and the RSI is approximately in divergence with the price (the price high although lower then the earlier high it's still high relative to how the RSI high is in relation to the earlier one). On the daily chart the price is close to resistance pitchfork lines and the the RSI reached a resistance pitchfork line.
Trade closed: target reached
SPY fell today and it still looks bearish on the weekly chart but I closed my SPXS (inverse SPY) position (bought at 14.03, sold at 14.07) as it may be that the market may not fall as much and for as long as I thought. SPY now 437.36.Trade active
I reopened short SPY related positions, now SPY 439.54.Note
I actually closed my "short related position" (SPXS) yesterday at a good price. I expect SPY will fall tomorrow and next week (and more significantly). SPY now 441.45.
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