SPY is bearish
Good morning traders!
It is now 0145hrs EST in Canada. I recently started trading ETFs for close swing trading(ie. in the trade within a few days). With that said, the chart in the past few days showed a rising wedge after a price drop. With the rising wedge, the volume had a decreasing trend. This divergence indicates that this short bullrun is about to come to a close. 260-262 is a heavy resistance line. With the decreasing volume, I highly doubt that SPY will be able to pierce through 260-262. I bought my puts at 254 and 257. All technical indicators point to a BEARISH momentum. Perhaps we see a short squeeze in the next few days before the price shorts itself.
I am Balanar the night stalker. I stalk these charts day and night!
It is now 0145hrs EST in Canada. I recently started trading ETFs for close swing trading(ie. in the trade within a few days). With that said, the chart in the past few days showed a rising wedge after a price drop. With the rising wedge, the volume had a decreasing trend. This divergence indicates that this short bullrun is about to come to a close. 260-262 is a heavy resistance line. With the decreasing volume, I highly doubt that SPY will be able to pierce through 260-262. I bought my puts at 254 and 257. All technical indicators point to a BEARISH momentum. Perhaps we see a short squeeze in the next few days before the price shorts itself.
I am Balanar the night stalker. I stalk these charts day and night!
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