SPY - Bearish Until Proven Otherwise

12 thg 8

Markets have been on a tear to the downside in the recent weeks after hitting all time highs with a recent sharp pullback on Japan currency news, highlighting the sensitivity in the market today.

After a clear trend has been identified to the downside, the market is leaving some clues behind on where we may see pivot points through the supply / demand zones.

I have my eyes on a short trade at the previous range value area low, where we also have a large gap to fill at the supply zone.

I do believe we are currently bearish, and only bullish if we can reclaim the value area low from previous weeks.

My trade idea is relatively simple here , involving the gaps above and below us.

Short zone at 540 , bringing it down to around 500-505 where we left a large gap from the May pivot low.

Only time will tell...

12 thg 8

Ghi chú

FYI fib levels

14 thg 8

Giao dịch đang hoạt động

Short zone hit

15 thg 8

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Adding some shares of SQQQ as we start to move at 550 on the SPY.

16 thg 8

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The SPY Cleared some very strong and critical areas, would prefer to see a pullback, create a higher low to confirm a reversal of the bearish trend back to all time highs.

12 thg 9

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Back to 555 on SPY, taking another short right at the CC golden fibonacci 0.618 as we seem to have resistance

17 thg 9

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Adding to the short trade, extending my stop up

18 thg 9

Ghi chú

another sfp at the high on declining volume