Small Bearish Channel
$SPDR S&P 500 ETF(SPY.US$
After the huge rally ended a couple weeks ago SPY has been downtrending in this channel. If the trend continues we should catch a small bounce off trending support and head back up to reject the trending resistance. SPY has been ranging in this bearish channel like a textbook. You could have easily traded the supports and resistances of the channel. Or if you missed the peaks and troughs then just wait for the break of the channel and trade off that.
After the huge rally ended a couple weeks ago SPY has been downtrending in this channel. If the trend continues we should catch a small bounce off trending support and head back up to reject the trending resistance. SPY has been ranging in this bearish channel like a textbook. You could have easily traded the supports and resistances of the channel. Or if you missed the peaks and troughs then just wait for the break of the channel and trade off that.
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FirstStrike Veteran : or we could break out of the trend and be even more bearish. CPI tomorrow and it doesn't look good.
SpyderCallOP FirstStrike Veteran: agreed. im definitely watching for a break do the downside in this bear market. im holding puts as of last week