SPY 429 Pivot
we saw a bullish close on Friday. Come this week SPY will likely challenge 429 and there are two ways this fails bearishly and otherwise we will continue to go up but there are higher resistances not outlined here.
Most importantly understand we have left the bear magenta sell and we have to assume we are now in a neutral flat channel. This channel is colored in light aqua blue. You can buy above the blue or sell below it to make it simple.
Here's how to understand it:
Bearish point 1 - If we stick around 429 we can end up building liquidity and its best to navigate this area and wait for the market to exit liquidity and move with the market. If its south, then the market has established a clear Head and shoulders, otherwise go long.
Bearish point 2 - If we fail 429 wait for the price to stabilize and longs to try to get back in, and short on the sell trend line.
Bullish - we leave the 429 and move into the 432+ range, go long.
If you are extra careful, you can long above 430 and hold runners into 432 but protect above 430
If you short, you can short at the market open and stop loss above 430
But the more conservative play is short below 420 and long above 432
Please thumbs up if this has helped you!
Most importantly understand we have left the bear magenta sell and we have to assume we are now in a neutral flat channel. This channel is colored in light aqua blue. You can buy above the blue or sell below it to make it simple.
Here's how to understand it:
Bearish point 1 - If we stick around 429 we can end up building liquidity and its best to navigate this area and wait for the market to exit liquidity and move with the market. If its south, then the market has established a clear Head and shoulders, otherwise go long.
Bearish point 2 - If we fail 429 wait for the price to stabilize and longs to try to get back in, and short on the sell trend line.
Bullish - we leave the 429 and move into the 432+ range, go long.
If you are extra careful, you can long above 430 and hold runners into 432 but protect above 430
If you short, you can short at the market open and stop loss above 430
But the more conservative play is short below 420 and long above 432
Please thumbs up if this has helped you!
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