Spy bounce or drop?
Resistance: 322.35
Support: 296.45
What to pay attention?
It made lower highs and is getting rejected at around $310. It is approaching the 180 day EMA, it may bounce as it did before however one thing to note is that it has a support at 296.45, if it goes below that and acts as a resistance we may see a downward trend until the support of 278.45, which is about a 5% downward from $295 which could be a great play for spy puts or SPXS which is the 3x leverage for spy which translates to a potential 15% gain.
Wait for a confirmation of resistance! Do not forget your stop loss as well.
Possible Catalyst: Covid-19 cases are rising again, this maybe a slow drop the previous support levels, we could see a lot of sellers for the following weeks.
Support: 296.45
What to pay attention?
It made lower highs and is getting rejected at around $310. It is approaching the 180 day EMA, it may bounce as it did before however one thing to note is that it has a support at 296.45, if it goes below that and acts as a resistance we may see a downward trend until the support of 278.45, which is about a 5% downward from $295 which could be a great play for spy puts or SPXS which is the 3x leverage for spy which translates to a potential 15% gain.
Wait for a confirmation of resistance! Do not forget your stop loss as well.
Possible Catalyst: Covid-19 cases are rising again, this maybe a slow drop the previous support levels, we could see a lot of sellers for the following weeks.
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