SPY to possibly breakout to the upside

Looking at the weekly indicators, it looks like the SPY will continue to breakout of the channel and move up. If it does move up and breakout, it will move to at least the width of the channel up to approximately 460. But I am not eliminating the possibility of it moving down once it hits the trendline.

Comment:

Looking at the indicators on the various timeframes, it looks like the SPY is going to go down. There is one or two indicators on the daily chart that suggest that it will down tomorrow.

I will close this trade and redraw the chart tomorrow if the indicators show something more definite.

Comment:

I have exited my trade temporarily. I bought a put as I believe it will go down overnight based on the short term technicals.

Comment:

I believe this downward movement is a temporary pullback that will last a few days.

Comment:

It did go down overnight and it does look like it is going down more today. However, I am not sure if this is a temporary pullback or if it will continue to go down. One or two weekly indicators look like this could be a reversal, but I will still keep this trade up until there is more confirmation. The one hour indicators make me believe this could be a temporary pullback.

Comment:

I believe this was a temporary pullback over night and I am not sure I would even call it that. I did make some money on some puts. But I exited them immediately until I could confirm direction.

It looks like everything is moving up again (even the weekly indicators) and I believe once it hits the trendline it will continue up like I predicted. I have entered the market with some calls.

Trade closed: target reached:

I believe this is as high as it will go. It almost did reach the width of the channel of approximately 460. I believe the high that was reached was 457 on Jul 31, 2023. I see a descending triangle so I think the market will start declining very soon. I will draw another idea in a few days on what I will think will happen in the next month. I think its just about to get exciting!!!