SPY is overcooked or close to being overbought. Usually we'd like to see SPY in the actual oversold area of the RSI before going short, but i think even if we breach $420 by a bit, we'll end up closing below it. SPY would not be allowed to close (Markets Closed) above $420. So i'd be building a short position here already all the way up.
Note
I think i have a $340 PT on this one. Might reposition a bit to reap the profits down there.
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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.