SPY Chart Analysis

I posted the SPY chart that I sent to subscribers last night without any annotations and a few blog readers weren’t quite sure what the chart meant.

The key is the two line drawn and support and resistance. If SPY gets close to the top line (around $93-95), that sets up a great short entry. The market will go from overbought to extremely overbought, the moving average comes into play along with price resistance. Obviously this is the move I am hoping for.

If we don’t get more bounce, but rather a pullback, long entries can be made near the support line.

At this moment, I am only managing positions. I dont’ see good entries, especially long entries.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a free website or blog at WordPress.com.

Up ↑

%d bloggers like this: