Inside Candle Near Resistance - Watch for a Good Trade Setup
Updated
SPY line graph is overlayed on candle chart so you can see the low closes. Blue lines connect highs and lows. Today price is very close to resistance and remains an inside candle. I see volume resistance ~402.50-402.70.
What am I watching for a trade? I bought when SPY was over 402.30, with an exit if SPY >402.70. If price goes over Friday's high, I buy calls. Many are calling for yet a capitulation selloff - I am using this chart (30m and daily) to stay objective.
What am I watching for a trade? I bought when SPY was over 402.30, with an exit if SPY >402.70. If price goes over Friday's high, I buy calls. Many are calling for yet a capitulation selloff - I am using this chart (30m and daily) to stay objective.
Note
I am not holding calls any longer. Price has been stalling and after checking 10yr yield, Bitcoin, SPY, and QQQ, I get the feeling a hammer might come down any moment. Also I do not like the gaps below. I could be wrong of course, but I am uncomfortable with more upside based on 30min/daily charts for now. SPY daily is near the 10ema and it could reverse again.
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.