MichaelEugen1

My updated opinions on SPY

AMEX:SPY   SPDR S&P 500 ETF TRUST
390. I've always said it, and I still expect it; it is possible we don't reach it, and I have a scenario drawn out for that, but I don't think that plays out. That being said, I think risk:reward up here is depleted. If you're not long already, I am of the opinion you've missed the move. We've bounced ~9% off the lows, and even though I think we inch higher, you're risking a lot to make very little going long up here. Oppositely, bears, simply put, I'd wait on the sidelines. If we are going to top out soon, there will be other opportunities to short. You are in no rush. Personally, I've exited most of my longs and am virtually on the sidelines. I'd only consider buying dips if I see opportunities; a possible level I'm watching is 372. I don't have a high risk appetite, and I'm likely going to wait this one out until I see revived opportunities to either side.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.