SPY - Monday, January 11, 2021
Friday afterhours traders didn't pump the SPY like they normally do. Perhaps they're looking at the same indicators I am and fearing an AM dump on Monday. Looking at the hourly chart, I'm expecting a modest and quick (shadow touch and bounce) pullback to $379.50. We're in a very strong uptrend that shows no evidence of breaking down. I've highlighted the major support lines I've identified (see horizontal turquoise dashed lines), in case we should see price discovery revisit those lower prices. The Jan 8 10am candle leads me to believe that price action will revisit the 100 day EMA before the uptrend speeds off, but keeping in mind the acceleration of these moving averages, that could mean a VERY modest pullback to $380.35. I'm selecting 'short' as the strategy because I would not mislead anyone into going long after touching ATH's. I'm looking to go short on Monday or Tuesday, based on M15 price action, if an opportunity presents itself.
Nota
Correction: Should read "100 period EMA" not "100 day EMA".Nota
@9:02pm PST Futures appear to be holding fast at $379 support. We'll see if this holds at the morning bell. A break and pullback with rejection @$379 seems like an ideal intraday short. Keep an eye on the VXX. It's setup for a nice pop if the market pukes.Nota
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