SPY - Solid Channel Break, but plenty of support below
Wave count wise, we're likely entering a correction.
Other indicators allow for this as well.
Today ended on a solid channel break, but bounced off the fib resistance channel.
We can either continue upwards or gap down further. At this point, it is likely we continue down further. I've noticed the potential resistance zones. Most likely, we'll see some gapfill. I am shorting APPL beside this, as they are set to release guidance ahead of earnings and it should be disastrous.
Other indicators allow for this as well.
Today ended on a solid channel break, but bounced off the fib resistance channel.
We can either continue upwards or gap down further. At this point, it is likely we continue down further. I've noticed the potential resistance zones. Most likely, we'll see some gapfill. I am shorting APPL beside this, as they are set to release guidance ahead of earnings and it should be disastrous.
Note
Going as planned, entered puts EOD
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.