SPY is currently in a larger, but similar pattern to the one it completed about two weeks ago. It appears like a slanted W, and is caused by short sellers taking profit, but bulls not having enough momentum to create a higher high.
Just like the previous (yellow) pattern, price did complete a very slight higher high (0.5% both times) and should now reject. The On Balance Volume indicator is also showing the start of a down trend in volume, another possible sign.
I will be looking out for put opportunities tomorrow, March 3rd.
Just like the previous (yellow) pattern, price did complete a very slight higher high (0.5% both times) and should now reject. The On Balance Volume indicator is also showing the start of a down trend in volume, another possible sign.
I will be looking out for put opportunities tomorrow, March 3rd.
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this ended up playing out perfectly! :)
