SPY Update Daily TF Sept 26
The SPY is attempting a bounce this morning following a rough couple weeks after breaking below the bear flag channel on Sept 13.
Bull targets:
- Bounce target #1 Gap @ 374ish
- Bounce target #2 9SMA resistance @ 380ish
Bear Targets:
- Bear target #1 @ 350ish
- Bear target #2 Measured move of bear flag target @ 345ish
- Bear target #3 re-test of Feb 2020 high @ $340
Things to note:
- 9SMA sloping down on the daily is very bearish
- breaking the BF channel this aggressively means high prob the measured move plays out IMO
- RSI oversold on daily, gap fill would allow it to cool off & recalibrate, but no guarantees
My overall opinion is still the same & I will see any significant upwards move as PUT entry opportunities (added a few contracts to my QQQ PUT position with the +1.3% bounce this morning).
Bull targets:
- Bounce target #1 Gap @ 374ish
- Bounce target #2 9SMA resistance @ 380ish
Bear Targets:
- Bear target #1 @ 350ish
- Bear target #2 Measured move of bear flag target @ 345ish
- Bear target #3 re-test of Feb 2020 high @ $340
Things to note:
- 9SMA sloping down on the daily is very bearish
- breaking the BF channel this aggressively means high prob the measured move plays out IMO
- RSI oversold on daily, gap fill would allow it to cool off & recalibrate, but no guarantees
My overall opinion is still the same & I will see any significant upwards move as PUT entry opportunities (added a few contracts to my QQQ PUT position with the +1.3% bounce this morning).
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