Don't get long before we break 294
Seeing the congestions on heavy volume the last days, 283/284 confirms as a major support level.
With the futures gapping a second day 1% , it seems very bullish for the SPY, HOWEVER...
The 22 EMA is starting to show sideways movement , thus creating our situation not a trend, but a range
with large overhead resistance at 294. A profitable play would be, if we see heavy resistnace + a low volume breakout at 294 to short and play for the range. If we break 294 on heavy volume and without much congestion there - start looking for longs until we get to 300 again.
With the futures gapping a second day 1% , it seems very bullish for the SPY, HOWEVER...
The 22 EMA is starting to show sideways movement , thus creating our situation not a trend, but a range
with large overhead resistance at 294. A profitable play would be, if we see heavy resistnace + a low volume breakout at 294 to short and play for the range. If we break 294 on heavy volume and without much congestion there - start looking for longs until we get to 300 again.
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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.