$SPY Looking Bearish, but Beware!
Fed days are never without fireworks, but wow! What a setup we have going into tomorrow.
- Bear flag on the hourly
- Trading within upward channel from 2022 low.
- Broke rising wedge today
- Nearing bearish 9EMA/20EMA crossover (The open will dictate)
- Demand zone & 23.6% Fib retracement level 379-381 (Could be a nasty bear trap for those playing the break of the channel.)
- Conversely, a gap up into the 390's would be equally "trap-ish."
The market will decide where we go, but hope everyone can get in and out with some extra cash before it knows you were there. Don't get caught in the mix & good luck!
- Bear flag on the hourly
- Trading within upward channel from 2022 low.
- Broke rising wedge today
- Nearing bearish 9EMA/20EMA crossover (The open will dictate)
- Demand zone & 23.6% Fib retracement level 379-381 (Could be a nasty bear trap for those playing the break of the channel.)
- Conversely, a gap up into the 390's would be equally "trap-ish."
The market will decide where we go, but hope everyone can get in and out with some extra cash before it knows you were there. Don't get caught in the mix & good luck!
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