Since breakout of 412.62. Spy has been ripping. It’s headed back into key resutance levels. 417.47. 418.60. And 420. Personally I think spy will follow this risinf channel trend. I think spy may have enough power to break 420 today or tomrorow…. Now if we break 420 a lot of volume is going to come in. This can allow for very large short stops to get hit and triggered.
Personally I am going to be waiting on an attempt short at 420.80-421. I’m going to go a few weeks out on it. Mabey a month. With a stoploss in that’ll be probably a 60-70$ risk on this trade.
Why? If spy breaks 420 and flips everyone long and market decides to roll, it could
Be a very big rejection zone. If it flys through 420 and contiues hard core and stops me out, the 430/440 could be more likely. I’m still going to try this 420-421 level Becuase of the yearly range. If it works then it could be the last attempt at new highs… unless market is now bull market and spy going to fly which although everything feels extremely insanely bullish, this how blow off tops occur.
Personally I am going to be waiting on an attempt short at 420.80-421. I’m going to go a few weeks out on it. Mabey a month. With a stoploss in that’ll be probably a 60-70$ risk on this trade.
Why? If spy breaks 420 and flips everyone long and market decides to roll, it could
Be a very big rejection zone. If it flys through 420 and contiues hard core and stops me out, the 430/440 could be more likely. I’m still going to try this 420-421 level Becuase of the yearly range. If it works then it could be the last attempt at new highs… unless market is now bull market and spy going to fly which although everything feels extremely insanely bullish, this how blow off tops occur.