SPY (Uncertainty Turned Bearish?)
SPY has shown amazing strength this past few months. However, seems like it is about time we have a deeper pullback before running higher. AAPL and META are stocks that I also believe will head lower, coinciding with SPY's current pullback. In the regression channel painted, we can see the the levels are well respected from my algorithm. SPY has fell through the bottom regression channel and now sits at a pivotal level. You can also see my unique dynamic line (rainbow-colored) is looming below. From knowing my script, I believe that SPY will break below $444 soon and head down to at least wick the dynamic line, which is roughly around $438-$440.
From a sentiment perspective, the two CPI and PPI data have been sort of mixed, causing uncertainty in SPY. I will take advantage of this as investors cool off the bullish stance in order to enter puts into this week or next week.
Good luck and have fun!
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From a sentiment perspective, the two CPI and PPI data have been sort of mixed, causing uncertainty in SPY. I will take advantage of this as investors cool off the bullish stance in order to enter puts into this week or next week.
Good luck and have fun!
Follow for more.
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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.
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.