SPY Update Daily TF Sept 26
The SPY is attempting a bounce this morning following a rough couple weeks after breaking below the bear flag channel on Sept 13.
Bull targets:
- Bounce target #1 Gap @ 374ish
- Bounce target #2 9SMA resistance @ 380ish
Bear Targets:
- Bear target #1 @ 350ish
- Bear target #2 Measured move of bear flag target @ 345ish
- Bear target #3 re-test of Feb 2020 high @ $340
Things to note:
- 9SMA sloping down on the daily is very bearish
- breaking the BF channel this aggressively means high prob the measured move plays out IMO
- RSI oversold on daily, gap fill would allow it to cool off & recalibrate, but no guarantees
My overall opinion is still the same & I will see any significant upwards move as PUT entry opportunities (added a few contracts to my QQQ PUT position with the +1.3% bounce this morning).
Bull targets:
- Bounce target #1 Gap @ 374ish
- Bounce target #2 9SMA resistance @ 380ish
Bear Targets:
- Bear target #1 @ 350ish
- Bear target #2 Measured move of bear flag target @ 345ish
- Bear target #3 re-test of Feb 2020 high @ $340
Things to note:
- 9SMA sloping down on the daily is very bearish
- breaking the BF channel this aggressively means high prob the measured move plays out IMO
- RSI oversold on daily, gap fill would allow it to cool off & recalibrate, but no guarantees
My overall opinion is still the same & I will see any significant upwards move as PUT entry opportunities (added a few contracts to my QQQ PUT position with the +1.3% bounce this morning).
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.