SPY downtrend is showing some possible reversal or at least possible consolidation to happen. I'm not betting on a reversal as macro is still bearish but I'm expecting a little reprieve from last few weeks of selling pressure.
Short BTC Idea - wait for a price bounce at around 30500/600 area. Should be a good area to short once it start showing price weakness.
Target is around 26500/25000. Stops above 31000
Price levels for SPY going for the May 20 Trading Week. Prices fall short of the main resistance at 404 and reverses way before the price area. I drew possible price action and levels we can watch out for next week. I would like to trade a break of 405 as that should expose 430.
A retest of the previous low is still possible and a break of that would see us go to 380.
As per the chart note, we can play the reversal of the current downtrend with anything below 404 as our risk. Daily chart is looking good as well for a leg up.
