Potential breakout/fade on SPY [25/11]
Price closes strongly on Tuesday 22/11, suggesting traders expected price to go higher on Wednesday, which it did. At the open, their positions were defended & are assumed to take profit at the nearest swing high level, trapping breakout traders forcing them to liquidate & letting price fall down swiftly back into their average price position levels, so that they can accumulate again. Price then rose back to the swing high level, stalled instead of dropping again, & closed above the level.
This Friday, if price manages to hold above both VWAP & the swing high level (or to be extra safe above Wednesday's high), then long bias is established & a potential take profit level is to the nearest high volume node on the daily timeframe at $413. If none of these are held, then a short bias is in place, & a take profit level at the accumulation level at ~$399.8. Then you can look to go long again with a take profit level at the previous swing high.
This Friday, if price manages to hold above both VWAP & the swing high level (or to be extra safe above Wednesday's high), then long bias is established & a potential take profit level is to the nearest high volume node on the daily timeframe at $413. If none of these are held, then a short bias is in place, & a take profit level at the accumulation level at ~$399.8. Then you can look to go long again with a take profit level at the previous swing high.
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