SPY does a rising wedge suggest a reversal? SHORT

Dec 20, 2023

SPY on a 30 minute chart shows a rising wedge over the past week. Price is now under a nearly

flat upper trendline of resistance while the support trendline is rising. The dual TF RSI

indicator shows strength about 70 while the zero lag MACD shows a K /D line cross.

Because of this I believe, SPY may retrace to 468 or the level of the Fib 0.5. Since SPY is a high

volume high liquidity slow spread instrument I see a buying a put option or s short swing trade

short on the shares as strong consideration for the next trading day if the breakdown is

confirmed.

Dec 21, 2023

Trade active

SPY rolled over and dropped nearly to the target retracement. Looking for more out

of the puts expiring on December and will likely close those but keep the Demeber

29th ( still out of the money) going over the upcoming holiday weekend.

Apr 23

Trade active

See also updated idea linked here

Jul 20

Trade active

SPY correcting and likely to fall further