The market continues in its Declining phase and this week looks no different. On Friday, 17 March, both $QQQ and $SPY closed in a "Bearish Harami."
A bearish harami is a candlestick chart indicator for reversal in a bull price movement.
A short position could be taken when the price breaks below the second candle (harami candle) in the pattern. But my risk appetite had me purchase more of my June Put Debit Spreads on Friday, before the closing bell.
I continue to use the areas of support and resistance as my profit targets for these and other traders.
In summary, the market points to retest last week lows or the "MEAN" before Federal Chairman Powell's conference and decision on the federal rate interest.
Our traders are positioned to purchase PUTs and we remain on our June $SPY PDS.
A bearish harami is a candlestick chart indicator for reversal in a bull price movement.
A short position could be taken when the price breaks below the second candle (harami candle) in the pattern. But my risk appetite had me purchase more of my June Put Debit Spreads on Friday, before the closing bell.
I continue to use the areas of support and resistance as my profit targets for these and other traders.
In summary, the market points to retest last week lows or the "MEAN" before Federal Chairman Powell's conference and decision on the federal rate interest.
Our traders are positioned to purchase PUTs and we remain on our June $SPY PDS.