SPY - Thoughts & Observations - In a Covid World

SPY

I am looking for a flush down to the 618fib to 292.
That would put the SPY at the bottom of the current downtrend regression channel.
It is currently trying to hold the 200ema on the 4hr at 300 but it did technically close below it Friday June26.
The last significant pullback (Jun8/15) the 4hr 200ema held.

A drop to 296 could create a perfect opportunity for a double bottom reversal trade.

A drop to the 618 @292 could create a head for a speculative inverted head and shoulders pattern.

The 200ema on the DAILY is at 296.95 and it held that on JUN15

Deep down I am a bear put I learned very quickly back in April to roll with the FED and jpowwow brrr, not against it.

With that being said, I cannot be the only one that sees that big gap from MAY15-18 that needs to be filled (roughly 286-290)


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This content is for informational and educational purposes only. This is not in any way, shape or form financial or trading advice.

Good luck, happy trading and stay chill,
2degreez

评论:

The more I speak to people from across the country (US) the more I get the feeling the markets, including crypto are going to selloff Monday. Protect yourself and hedge when and where you can. VXX call options are my go to.

Good Luck