SPY has layed out a parabolic step curve on the daily currently in base 4. After base 4 concludes we would see a sharp (fast) drop towards base 3 which is around 424.
Trade active:
SPY now at 439
Due for technical bounce
50sma at 443.78 may be retested
watching july lows to see if held and support retest 452-456 area or if we make new low and target 424 direct. good win so far.
Due for technical bounce
50sma at 443.78 may be retested
watching july lows to see if held and support retest 452-456 area or if we make new low and target 424 direct. good win so far.
Trade closed: target reached:
closed at 435, good enough for me from 455. waiting for next setup or reshort on bounce.
Trade closed: target reached:
424 target reached.
Key level for the upcoming week is 449.61-451.76
Bull case: Above 451.7 can see retest of 453-454 area. If that is taken out then 456, 459, and 464
Bear case: Below 449.61 can see retest of recent lows at 446.21 followed by 442.97 (gap fill). Next immediate support below that would be the 50sma at 439.65.