SPY correction continues & another earnings season begins SHORT

SPY on a 120 minute chart uptrended from October into late March. A standard Fibonacci

retracement for this trend down could take it down to the 475 range or about another 10%.

Current price is under the daily SMA 50 ( blue line) at 495 and could continue to fall into the

SMA 100 ( green line) which is confluent with the Fibonacci retracement level. Deep support of

the daily SMA200 ( red line) representing more than a 50% retracement is at the 450 zone.

Megacap technology earnings upcoming may lead the way down or cause a consolidation for

a reversal. April will likely be a big red month. April showers bring May flowers?

Trade active:

Shortentry add at 502 at the intraday high:

Trade active:

SPY pulled back on the trend down today making for an add entry on the short position.

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and the same for NVDA

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and NFLX among others

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Looking at put options for 2-3 days expiration ITM. Price trending down today to

make up for the uptrend yesterday. Took 2 shares at the first high pivot and will sell

one at the low pivot of the afternoon.

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Nice volatility for intrday trades today. Expecting a downtrend resumption tomorrow.

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SPY reversed today but it may be shorts covering to take profit. I have opted to maintain full short positions going forward for now.

Comment:

SPY is still only 5% below the 2024 ATH and putting in a bit of a bear flag. Overall
supertrend is bearish bias ongoing.

Trade closed: target reached:

Proftis realized position closed going long on the rebound.