SPY - Bearish Until Proven Otherwise
Updated
Markets have been on a tear to the downside in the recent weeks after hitting all time highs with a recent sharp pullback on Japan currency news, highlighting the sensitivity in the market today.
After a clear trend has been identified to the downside, the market is leaving some clues behind on where we may see pivot points through the supply / demand zones.
I have my eyes on a short trade at the previous range value area low, where we also have a large gap to fill at the supply zone.
I do believe we are currently bearish, and only bullish if we can reclaim the value area low from previous weeks.
My trade idea is relatively simple here , involving the gaps above and below us.
Short zone at 540 , bringing it down to around 500-505 where we left a large gap from the May pivot low.
Only time will tell...
After a clear trend has been identified to the downside, the market is leaving some clues behind on where we may see pivot points through the supply / demand zones.
I have my eyes on a short trade at the previous range value area low, where we also have a large gap to fill at the supply zone.
I do believe we are currently bearish, and only bullish if we can reclaim the value area low from previous weeks.
My trade idea is relatively simple here , involving the gaps above and below us.
Short zone at 540 , bringing it down to around 500-505 where we left a large gap from the May pivot low.
Only time will tell...
Note
FYI fib levels
Trade active
Short zone hit
Note
Adding some shares of SQQQ as we start to move at 550 on the SPY. Note
The SPY Cleared some very strong and critical areas, would prefer to see a pullback, create a higher low to confirm a reversal of the bearish trend back to all time highs. Note
Back to 555 on SPY, taking another short right at the CC golden fibonacci 0.618 as we seem to have resistance
Note
Adding to the short trade, extending my stop up
Note
another sfp at the high on declining volume
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