SPY at a critial point
The market is pumping after-hours on Gilead news, economy re-opening (?), and Boeing restarting production at its Washington state factories. Coordinated effort? I think yes. Spy blew past some key resistance points. If this holds through the night, I see two possible ranges:
1) Open below $288 and we bounce between $284-$288.
2) Open above $288 and we bounce between $288-$293.
If #2 comes to fruition, we will have serious resistance due to the following:
A) .618 Fib retrace
B) The yellow line on my chart is a long-dated (2017?) weekly volume profile outer boundary point.
Also, it's notable that MACD has been on a downward trend during this rally.
If we do make it to $293+, I will likely enter into some long-dated Puts. The setup almost seems too perfect. It makes me a little weary that the market has something else in store. I will also probably to some intraday trading with calls in the ranges I mentioned above.
1) Open below $288 and we bounce between $284-$288.
2) Open above $288 and we bounce between $288-$293.
If #2 comes to fruition, we will have serious resistance due to the following:
A) .618 Fib retrace
B) The yellow line on my chart is a long-dated (2017?) weekly volume profile outer boundary point.
Also, it's notable that MACD has been on a downward trend during this rally.
If we do make it to $293+, I will likely enter into some long-dated Puts. The setup almost seems too perfect. It makes me a little weary that the market has something else in store. I will also probably to some intraday trading with calls in the ranges I mentioned above.
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.