SPY does a rising wedge suggest a reversal? SHORT
SPY on a 30 minute chart shows a rising wedge over the past week. Price is now under a nearly
flat upper trendline of resistance while the support trendline is rising. The dual TF RSI
indicator shows strength about 70 while the zero lag MACD shows a K /D line cross.
Because of this I believe, SPY may retrace to 468 or the level of the Fib 0.5. Since SPY is a high
volume high liquidity slow spread instrument I see a buying a put option or s short swing trade
short on the shares as strong consideration for the next trading day if the breakdown is
confirmed.
flat upper trendline of resistance while the support trendline is rising. The dual TF RSI
indicator shows strength about 70 while the zero lag MACD shows a K /D line cross.
Because of this I believe, SPY may retrace to 468 or the level of the Fib 0.5. Since SPY is a high
volume high liquidity slow spread instrument I see a buying a put option or s short swing trade
short on the shares as strong consideration for the next trading day if the breakdown is
confirmed.
Giao dịch đang hoạt động:
SPY rolled over and dropped nearly to the target retracement. Looking for more out
of the puts expiring on December and will likely close those but keep the Demeber
29th ( still out of the money) going over the upcoming holiday weekend.
of the puts expiring on December and will likely close those but keep the Demeber
29th ( still out of the money) going over the upcoming holiday weekend.
Giao dịch đang hoạt động:
See also updated idea linked here
