SPY PRICE TARGET OF 431 - MARCH 3

Updated
SPY is currently in a larger, but similar pattern to the one it completed about two weeks ago. It appears like a slanted W, and is caused by short sellers taking profit, but bulls not having enough momentum to create a higher high.

Just like the previous (yellow) pattern, price did complete a very slight higher high (0.5% both times) and should now reject. The On Balance Volume indicator is also showing the start of a down trend in volume, another possible sign.

I will be looking out for put opportunities tomorrow, March 3rd.

Trade closed: target reached
this ended up playing out perfectly! :)
AAPLAMCBearish PatternsBTCChart PatternsentryTechnical IndicatorsputshortSPDR S&P 500 ETF (SPY) tradeTrend Analysis

Also on:

Related publications

Disclaimer