Looking at the hourly SPY is forming a nice Cup & Handle and might break out in the coming days. I have a couple targets set as well as a stop loss. Let’s see what happens tomorrow.
Trade active:
Was hoping for a $440 Close but since this is still above the trendline Target 1 is still intact. $438 seems to be a pretty solid support, if it goes below that, I will stop loss.
Trade closed: target reached:
Target zone 1 reached, sold all calls. Will see if an uptrend forms towards target 2.