SPY Last week's
SPY $595 Put 3/10 ran for 66% from $480 up to $1,420. The last two weeks, the market has suffered a controlled pullback. So far it has been cautious selling rather than outright panic. While fear has entered the market, it has yet to reach capitulation, where there would be significantly more potential downside. The key level to watch long-term is the 200SMA on the daily chart, currently at $568.45. This level, which hasn't been tested in 16 months, could signal a Stage 4 selloff, a more aggressive and potentially prolonged downward trend.
Here are this week's
SPY Options:(15-30 minute candle closes for confirmation and stop-loss)
📜 $580 PUT 3/17
Entry: Breakdown and failed retest of $584.50
Target 🎯 : $580, $574, $571
📜 $590 CALL 3/17
Confirmed breakout over $584.50
Target 🎯 : $590, $591.50, $594
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I trade live on Discord - discord.gg/pennybois
Related publications
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.