SPY - H&S formation short from $237.5 t0 $233 (238 Put option)

Mar 21, 2017

SPY appears to be in a short term H&S pattern. It may reverse to $38 area to form the second shoulder & that will be place where we would look for shorting opportunity. At the break of H&S it can decline to $233-34 area.

* Trade Criteria *
Date first found- March 20, 2017
Pattern/Why- Possible Head & shoulder formation
Entry Target Criteria- Break of $237.5- -$238
Exit Target Criteria- $$233-$234
Stop Loss Criteria- N/A
Option - Speculative trades may consider $238 Spy Puts.

Please check back for Trade updates. (Note: Trade update is little delayed here.)

Mar 22, 2017

Trade closed: target reached

March 24th Puts discussed last night went from 0.64 cents to $4.00 hitting entry signal and target in one day! WOW!