The daily chart in SPY shows potential hurdles along the way for shorts. I anticipate some reaction to these, in order of importance:
Good luck!
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.49% on such information.
- 11 month downtrend mode: We need to cross it down and stay under it to trend down.
- 50% uptrend speed line support: This line should be broken forcefully while falling. Else we'll see a reaction like on the previous bounce.
- Brexit key level: It'd be good to break it down to hold shorts with confidence.
- 75% retracement of Vix spike, smart money support: If smart money doesn't get involved buying against this level, we can hold shorts and relax in the position.
- Daily downtrend mode, we have a 12 bar mode between 208.35-208.37, which will trigger a downtrend signal in the daily, aiming for 196.15 before the 21st. If this confirms, and acts as expected, the monthly signal will surely trigger and send SPY down to the forecasted target in my related monthly idea.
Good luck!
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.49% on such information.
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I'd like to see today's low broken down, and initially, prices below 209.54, to stay in the short.
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I'm in a very speculative DIA short right now, after tomorrow we'll have more clarity to reenter SPY shorts if needed.
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Smaller range day at the top after a range expansion rally. Monitoring for a new short entry. If this is an expanding pattern like the one in gold, it's likely to break the previous high and lure breakout traders before falling back down. Still counting on Tim West's forecast to pan out (sideways pattern for the whole year)
