Spyshort
SPY S&p 500 ETF and the Midterm ElectionsThe U.S. midterm elections will be held on Tuesday, Nov. 8, 2022.
All 435 U.S. House seats and 34 of the 100 Senate seats are on the ballot.
If you haven`t sold the high P/E ratio explained here:
Then you should know that the Current S&P 500 PE Ratio is 18.10. Sill high in my opinion.
Even though my Price Target for the end of the year is $338, i expect a short term rally before the Midterm Elections.
Looking forward to read your opinion about it.
SPY daily second bearish hammer in a rowOrder SELL SPY ARCA Stop 356.01 LMT 356.01 will be automatically canceled at 20230401 01:00:00 EST
SPY daily second bearish hammer in a row continuation wave 5 downtrend.
Spy Massive Rising WedgeOver the years spy has traded between two trend lines that have formed a rising wedge. There's a possibility in the coming months to years we break the bottom support line and fall significantly. However, this is an observation from the 2 week time frame of the Spy chart. I'm currently short on spy until the bottom trend line near $295 to $300 is reached. We can possibly bounce there or break down and head lower. This is a 6-12 month play for swinging options puts.
spy going new low over 362 follows to 364.69 going to rebound to 377 but if it falls below 358-356 below that new brand new low 351.20
rsi wave indicating a bounce here or we could see big sellstechnicals in times of financial crisis hold much less weight. Data and the Feds monetary policy will clearly dictate which way the market moves from here.
SPY S&P 500 ETF game plan for this weekAfter last week`s rebound played perfectly:
As well as the the Head and Shoulders Bearish Chart Pattern:
For this week i have selected the 1h timeframe to understand better the possible movement.
I believe that we will see a rebound once again at the beginning of this week after the speaks of Chicago FED Presidend and Vice Chair of FED on Monday and Cleveland FED President on Tuesday, but the market will close once again red on Friday, after the bank reports, where i think we will hear about revisions and recession incoming.
Looking forward to read your opinion about it.
SPY weekly bearish hammer wave 5 downtrendOrder SELL SPY ARCA Stop 357.47 LMT 357.47 will be automatically canceled at 20230401 01:00:00 EST
SPY weekly bearish hammer wave 5 downtrend take profit on 168% wave 4 fibonacci extension, stop loss above hammer.
Will $SPY respect the projected wedgeI plan to go short early when SPY enters the triangle drawn here that intersects with the down trend line from the begging of the year. once i get to within $10 of the down trend line i will buy puts 2-3 Months out.
Death Cross on the $SPYWeekly 50SMA about to cross below the 100SMA on the weekly and a retest of the 200SMA will be on the way and with market and economic conditions I believe we will not hold the previous low and see a flush down to 320 levels by end of December.
Now's Our Time Bears!Mid July I posted my trade idea -
and so far it's playing out to a T.
A lot of my investor friends have been talking to me about how the market makes no sense and does the opposite of what "SHOULD" be expected. A slowing economy, war, inflation, rising interest rates, etc etc. Even our earnings season was bearish to slightly bullish for the most part. Although I'm preaching to the choir, this is why it's so important to watch the charts and have a fundamental understanding that everything works in waves, never a single direction. I'll also say that with our current fed giving us a clear path for what they plan to do in the future, the market OVER CORRECTS to price in the future. The market isn't efficient however, and that's how mediocre/slightly good news can send it skyrocketing the way it has the past 2 months.
Anyway to the continued trade idea.
Today was important because it solidified investors lack of confidence in the market. We should be on the lookout for the CPI and Jobs report coming soon, along with another fed rate decision. I'll also say I don't know what will cause the crash. I think it's pretty much impossible to call, but you don't need to know what it is, just that it'll eventually break.
Still using 2000 and 2007 as the basis for a market crash, I've plotted out their remaining moves. Green is 2000 and Yellow is 2007. These moves include the percentage draw down for each "wave" along with the same exact time it took to get there. I expect a drawn down from now until October to around $365 which could rebound or continue falling into December. If there's no follow through crash February 2023, we might see a short lived rally that'll die June 2023.
As mentioned in my previous post I have January SPY puts that are currently in the green and doubled down on todays confirmation.
$SPY Can we go higher?Hi Traders -
It's been a while since my last post and I figured I share this one with you guys. In the chart, I lay out the two most likely scenarios on each side of the trade. Personally, I believe there will be upward pressure here, because of the sheer amount of upside.
However , we will have to see the overnight price action and pre-market before making an accurate judgement on which way we will move.
Sincerely,
Mike (UPRIGHT Trading)
**PLEASE NOTE: the indicators at the bottom are for analysis**
Bitcoin has a GAP TO FILL on the downside before the ascensionBTC needs to fortify support before making a breakout to the upside, at least if it wants to sustain upward momentum it is crucial that this level is filled or a potential reversal would send BTC back to the 11k stone age. Patiently fill that gap, yes I am biased I have spy puts open.
Have we locked in bottoms? Time for rip? Maybe notCheck out this buy zone I set up back in July, we bounced off the June 17th bottom, and just accelerated through the demand zone, but right before that is a supply zone (not pictured), also look at the volume difference from June to now. This push to the upside is weak, liquidity is draining out of the market, as soon as bad news comes, and it will, there will be hell to pay. Perhaps a more cynical way of looking at this might be that this is a pump before a dump
This is a bear market, without good news, and a sustained rally the pumps are a false floor and good place to buy puts, or at least that's the plan for me
S&P500 IndexLooking at the pattern and trendlines, it appears like SP500 might push up to 4100 levels creating a Fake breakout between 4070-4100 levels before pushing down again to 3693 level. If support at 3693 is retested then there is a high probability that the market can push down even below to 3200 levels followed by 2900 levels as highlighted in the chart. Again these patterns could occur well into 2023 around Mar-Apr 2023 timeframe.
too much weakness should move towards lower end of channelI do thought we would have had a stronger push from the Yearly lows but it was over the next day quite tall tale they those were shorts covering not much buying.. massive covering.. but there is still too much weakness given this we may end the day over 1% or closer to it.
> Possible double top play also a channel
SPY S&P 500 ETF Double Bottom Technical ReboundIf you haven`t shorted the SPY Head and Shoulders Pattern:
Then you should know that a technical rebound refers to a recovery from a prior period of losses when technical signals indicate that the move was oversold.
In this case, the Relative Strength Index momentum indicator of SPY S&P 500 ETF is at 24.05 on a Double Bottom Reversal Chart Pattern.
A double bottom is a reversal chart pattern in technical analysis that describes a change in trend.
Even though i am overall bearish on the economy, buying a strong financial instrument when the RSI is below 30, would make a case for a potential short term reversal.
My ultimate price target is $338, but for now i am bullish.
Looking forward to read your opinion about it.
SP500Lets see if this Work Out ...
We still Bearish and we are going really down .. 3550 my final target .
Lets gooooooooooooooooo!!
SPY daily indecision pressure building in wave 4 of wave 3 downSPY daily indecision pressure building in wave 4 of wave 3 downtrend nearing panic capitulation.
Sell Stop 360.23 LMT 360.23 GTC
Buy Limit 342.72 GTC
Buy Stop 371.52 GTC
Needs a fake out before reversalExpanding wedge, generally bearish and not a good general market indication for spy. However, i believe this will be a fake out type situation and we may see 358's or 359's before a reversal to the upside otherwise we made see a huge move downwards.
VIX
Looking strong here as well despite it being right at oversold levels, there's not a weak enough setup to justify testing June lows again
SPY Puts should cash when the market opens.Ill start being more straight to the point. In my previous post I stated that the 370 level was a pivotal one. and you have seen for yourself time after time that it has been rejecting it all week.
IDK why trading view is hiding my last post. Ive seen many profiles on here that should be deleted. hopefully this was the last time.
Now today is Thursday and we have one more day to close off the week and the month. No one really likes September tbh for its historical bearishness.
But what I do like is the buying opportunity it presents for my portfolio.
Please watch the retest of the support off 363.09 and 360.99
Here's my entries for SPY today CaLLS 367.64. Puts 366.15
SPY at $320-$310
AMEX:SPY
Let me explain why is everyone is talking about SPY going to $320-$310 levels.
From a pure technical point of view.We have hit $320 support levels three times.June 2020, Sep 2020 and Oct 2020. So this is a natural support level .
From an Elliott point of view we are in a WXY correction, more precisely in minor wave A of (Y). And the most common Fibonacci ratio for a WXY correction is equality, and that will occur at $312.
