Long

SPY: Short and Long Term Outlook

Sorry, Its a long idea because I am covering the weekly outlook and annual update.

I wanted to branch off into QQQ but it was too long so I just cut it haha. I will do other ideas over the weekend for probably QQQ and NVDA.

Thanks for watching!

Safe trades everyone!

Note

With the gap up it needed to finish the move to 597.

Good R:R for a long swing IMO

Note

Took profits here. Keeping it at day trades because i hate swinging 😬

Note

Looks like the end may be drawing nye for SPY. This was always a pressing probability.

Here are the facts to watchout for:

First: Too early to say for sure. BUT
Second: We will have a good idea by end of this week based on;

If SPY fails to take out / retrace 605 (which is a high probability target on the week), this would indicate a sentiment shift. The miss rate on targets like 605 is about 8%. Of those 8% of instances where this bullish target was missed, it usually led to a shift in sentiment to the downside. The most notable recollection of a missed bullish high prob was the beginning of 2022. We have yet to miss a bullish high prob yet this year or last year.

If SPY snags 605 then its business as usual.

As of now I would advise being cautious, but assuming the best since its only Tuesday and lots of time for SPY to come around.
HOWEVER, projections show continued decline in the immediate future.

Safe trades!

Note

Its like watching the Titanic.
LOL,

RIP

Note

Oh man guys, I started the year hating this market, now every day I am laughing my ass off seeing that its just trapping everyone in all directions.

If you don't know what you're doing, you're pretty screwed when the market becomes this volatile. And I am here for it.

Plus this is has been an above average P&L week for me with the really insane volatility.

So what to expect?

Still possibility spy tries to go to that 605, but as of now I am taking the pa today to mean its a relief rally from so many consecutive down days.

ON the weekly chart, I didn't notice before, but there is a Bearish Heikin Ashi setup which indicates continuation down to a target of 588, but that doesn't mean continuation to this target THIS week, it just means in the general future.

As of now, no suggestions or opinions.
We have some very clear breakdowns.
ES1! brokedown and retested multiple times then brokedown again.

SPY and SPX are too far from the breakdown point for a sizeable retest.

Suggest absolutely 100% not swinging until direction is clear.
Play intra-day volatility if you are a day trader.

Safe trades!

Note

Oh no guys, look at that.
SPY hit that Heikin ashi target I was talking about in my last update.
What do you think about that? haha

Its over for SPY unfortunately.

Steversteves

If you're looking for:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
Consider joining my trade group at:
patreon.com/steversteves

Also on:

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.

Steversteves

If you're looking for:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
Consider joining my trade group at:
patreon.com/steversteves

Also on: