SPY has been playing out nicely the past few weeks.
As I mentioned before, I am not holding positions over night, only day trading and the levels and patterns have been on point.
Since the last pattern I posted (Inverted Head and Shoulders) SPY just moved as i expected. From the Inverted H&S break it formed an ascending channel which broke on Friday to the downside and stablished a new low (380.50)
And now what?
Very simple for me coming into the next few days.
Resistance: 394.75 (right shoulder retest) - 398 - 400 (psychological)
Supports: 388.42 (I would probably short here) 385.20 (Would be my first short target) 380.50 (Friday's lows)
I can't stress this enough. Size down on positions and always take profits. This market is not an amateur market, stay nimble.
As I mentioned before, I am not holding positions over night, only day trading and the levels and patterns have been on point.
Since the last pattern I posted (Inverted Head and Shoulders) SPY just moved as i expected. From the Inverted H&S break it formed an ascending channel which broke on Friday to the downside and stablished a new low (380.50)
And now what?
Very simple for me coming into the next few days.
Resistance: 394.75 (right shoulder retest) - 398 - 400 (psychological)
Supports: 388.42 (I would probably short here) 385.20 (Would be my first short target) 380.50 (Friday's lows)
I can't stress this enough. Size down on positions and always take profits. This market is not an amateur market, stay nimble.
Trade closed: target reached:
As per plan, entered on the break (394.75) and took profits close to 398
BTO: SPY 397C 5/23 @ 1.15
STC: 1.81
57% profits.
BTO: SPY 397C 5/23 @ 1.15
STC: 1.81
57% profits.