SPY We see the indices having a tough January. Long-term trend is still intact. The 10-year yield is a benchmark for bulls/bears. It needs to be down to 4% (currently 4.5%). If it hits 5%, the pullback will intensify. There is a high floor of support on pullbacks, notably the 50SMA ($580) and 200SMA ($550). We are not thinking bear market. We are overextended.
$595 CALL 1/13
Entry: Breakdown under white trendline
Targets 🎯: $595, $598.67
$585 PUT 1/13
Entry: Breakdown under white trendline
Targets 🎯: $585, $583.56, $580
Best of luck to you all and a happy new year from all of us at Pennybois!
🥂🎆🥳
I trade live on Discord - discord.gg/pennybois
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.
I trade live on Discord - discord.gg/pennybois
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.