SPY SHORT, Reoccurring Pennant like SEPT 19

Oct 31, 2022

SPY
Pennant formation at the borderline resistance.

• Resistance at previous level ~388.
  
• Resistance under the broadening of a triangle (white linings).
  

False breakout pennant, loss of momentum (blue flags).

• Similar pennant formed previously on 9/12/22.
  
• Then, next day it drop about $18/-6.3% down.
  
• Lack of volume and breakout tried but failed.
  
  Tomorrow FOMC speaks, market uncertainties.
  Also, Moderna Earnings this week 10/3 Thursday.
  
  Conclusion, possible minor pullback retracements to previous supports.
  
  Not a financial advisor nor a pro/expert trader.
  Just for educational purposes.

Oct 31, 2022

Note

FOMC this Wednesday, 10/2 not tmr mb*

Nov 1, 2022

Note

Again. Breakout tried & stopped at the boarder line on of the upper broadening triangle side (white line) but still failed and now it’s back to 388.

Nov 1, 2022

Note

VIX is turning green on support.

Nov 1, 2022

Note

Fed meeting today and tmr 11/1-11/2.

Nov 1, 2022

Note

Congrats to those who shorted this morning! The 390 pump false breakout was a great chance. I think it’s going to 382 but not sure when.

Nov 1, 2022

Note

SPY almost reaching 384 atm

Nov 1, 2022

Note

SPY reached 383

Nov 2, 2022

Trade closed: target reached

382.67 reached.