SPY at a critial point
The market is pumping after-hours on Gilead news, economy re-opening (?), and Boeing restarting production at its Washington state factories. Coordinated effort? I think yes. Spy blew past some key resistance points. If this holds through the night, I see two possible ranges:
1) Open below $288 and we bounce between $284-$288.
2) Open above $288 and we bounce between $288-$293.
If #2 comes to fruition, we will have serious resistance due to the following:
A) .618 Fib retrace
B) The yellow line on my chart is a long-dated (2017?) weekly volume profile outer boundary point.
Also, it's notable that MACD has been on a downward trend during this rally.
If we do make it to $293+, I will likely enter into some long-dated Puts. The setup almost seems too perfect. It makes me a little weary that the market has something else in store. I will also probably to some intraday trading with calls in the ranges I mentioned above.
1) Open below $288 and we bounce between $284-$288.
2) Open above $288 and we bounce between $288-$293.
If #2 comes to fruition, we will have serious resistance due to the following:
A) .618 Fib retrace
B) The yellow line on my chart is a long-dated (2017?) weekly volume profile outer boundary point.
Also, it's notable that MACD has been on a downward trend during this rally.
If we do make it to $293+, I will likely enter into some long-dated Puts. The setup almost seems too perfect. It makes me a little weary that the market has something else in store. I will also probably to some intraday trading with calls in the ranges I mentioned above.
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