SPY - Don't lose your shorts, Shorts...
The finTwit press is a largely bearish crowd. They can't understand where all of the buyers are coming from to make the index go up, forcing them to cover their short positions. When all of the bears disappear (or become bulls), THAT is the time to short. Handle is extraordinarily bullish. Buyers absorbed all of the selling action and drove momentum up all day. I suspect we'll see a breakout tomorrow AM.
If breakout occurs above handle, will begin taking profits at $575 or as price action dictates.
Price target: $585
If breakout occurs above handle, will begin taking profits at $575 or as price action dictates.
Price target: $585
Trade active
347.25 w/tight stopNote
10/16 Target is 349.50. If price action does not bust thru this price point with strong momentum/volume, that would be an ideal time to open a short position. Double-edge sword. We can profit on this thing either way.Note
Error above: Target 375 - 385 (need to increase caffeine)Note
Damn took a while but the power hour finally arrived. Thought for sure this was going to turn into a consolidation pattern. I was just about to close my short and head to lunch.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.