$SPY hold of $580-588 region sets up long to $614-630

לפני 5 ימים

SPY looks like it's formed a low for the short term when it failed the H&S pattern.

From here, I think it's likely that we fall back into the $580-588 to scare everyone into thinking there's more downside, but if that region holds, it'll set up a trigger long all the way up to the $614-$630 region.

I think the move higher should play out by mid-February (again if that $580-588 region holds). If it fails, then we're looking back down at the lower support level $545.

If we do end up going higher, I think that $630 region will be the short term top and it'll set up a move down to $545 before we move higher.

לפני 4 ימים

הערה

Think it's more likely that we see a decline to $598 this week and then likely retest the highs. Further down next week.

שלשום

הערה

Welp start of a decline into close. Part of me wonders whether we hold at $580-588 or if we test $545 first before going to $630. Let's see.

As of now, I'm thinking decline into next week. Bounce into Feb 14, then position short into mid-late march.

Let's see as price action unfolds.