I am preferential to a small "move" to 265 before we blast higher on SPY. Last two days of previous week appeared to be a retrace within a retrace on path to 265 on SPY. However, we are at a critical time now. The real market moves are made when the US market is sleeping. Will we gap up tomorrow or gap down? Bearish outlook: We need to turn around and head south about now. 2 bearish indications on the chart - the divergence and the SMA resistance that was honored previously. There is a bullish high high, higher low too, which if it continues will mean this bearish retrace is over.
What numbers am I looking for? Primarily the SMA. I am bearish with some puts and shorts bought on Friday in anticipation of a gap down but will flip depending on what happens tonight.
Caveat Emptor and good luck!
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In the chart, I meant to say Higher High, Higher Low. I wrote incorrectly Higher High, Lower Low. Sorry about that.
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We set new highs during regular hours. Futures shows a double top counting tonight’s action. Trend is towards the upside.