SPY short term uptrend broken--short
Updated
SPY has been rebounding from the Dec sell off and looks to be getting tired. The rebound has lately increased in acceleration several times detailed here on a 15 min chart:
Shallowest uptend drawn with orange support line, next with green, and latest steep uptend (which has just broken) is in red. Short on the red trendline break (which has already happened). 1st downside target at the green support line (falling back to previous uptrend). Next downside target falling back to the orange support line. I like the orange trendline target as it also coincides with moving average support.
Shallowest uptend drawn with orange support line, next with green, and latest steep uptend (which has just broken) is in red. Short on the red trendline break (which has already happened). 1st downside target at the green support line (falling back to previous uptrend). Next downside target falling back to the orange support line. I like the orange trendline target as it also coincides with moving average support.
Note
First target hit right on the close. Might consider dumping half, but still holding for the 2nd target.Note
Little rally attempt this morning failed quickly. It just can't get back up to the previous trend (red), it was too extreme. So we're right back to the green trendline, and I expect it to fail soon. Maybe today.Note
Green trendline failed--that was quick. Next stop, orange trendline target.Note
Bulls quickly pulled the S&P back over the green trendline and rode it up into the close. Still waiting on failure.Trade closed: stop reached
Going into another acceleration UP. Closing.Note
MystryBoxjust now
Reopen trade on the green tendline break that just happened. Looking to close on the orange line target.
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