Good evening traders,
$AAPL released earnings tonight and $SPY gaped up after hours. With that said, I am still VERY bearish for $SPY. We are still yet to test the December lows. After a 5 weeks of a bull run, $SPY needs to breathe. It needs to retrace in order to exhale. I have been day trading $SPY recently because it was just so easy to identify the support and resistance because it started to trade sideways. In the hourly chart, we see $SPY having reach a double top under the resistance price of 265-266. This makes it even jucier for bears because we see... not one.. but TWO island reversals just under the resistance. With volume going down, a reversal is imminent to test the 50% fib, which would be roughly 255. I bought some shorts due to these technicals. Fundamentals made me even more confident with my trade because with AAPL ER released tonight and SPY gapping up to 264 after hours, I am expecting a bearish candle tomorrow.
I am Balanar the night stalker! I stalk these charts day and night!
$AAPL released earnings tonight and $SPY gaped up after hours. With that said, I am still VERY bearish for $SPY. We are still yet to test the December lows. After a 5 weeks of a bull run, $SPY needs to breathe. It needs to retrace in order to exhale. I have been day trading $SPY recently because it was just so easy to identify the support and resistance because it started to trade sideways. In the hourly chart, we see $SPY having reach a double top under the resistance price of 265-266. This makes it even jucier for bears because we see... not one.. but TWO island reversals just under the resistance. With volume going down, a reversal is imminent to test the 50% fib, which would be roughly 255. I bought some shorts due to these technicals. Fundamentals made me even more confident with my trade because with AAPL ER released tonight and SPY gapping up to 264 after hours, I am expecting a bearish candle tomorrow.
I am Balanar the night stalker! I stalk these charts day and night!