SPY at breakout point Oct-8
https://www.tradingview.com/chart/kQfKOHZb/?symbol=AMEX%3ASPY
The SPY is getting squeezed between a flag covering 435-439 range. It closed Oct 7 right at 20-day MA 438.66/74. This is also right on the descending red short-term trendline.
Prior day it closed right on its 9-day MA at 435.19/49, which is right on the yellow trendline serving as bottom/support to the long-term trend channel of yellow lines.
Green lines are the medium-term channel going back to March, right now at 451.66
In the next few days, it could possibly breakout to 451 or the 425-428 support range. Good Straddle playing both sides now.
The SPY is getting squeezed between a flag covering 435-439 range. It closed Oct 7 right at 20-day MA 438.66/74. This is also right on the descending red short-term trendline.
Prior day it closed right on its 9-day MA at 435.19/49, which is right on the yellow trendline serving as bottom/support to the long-term trend channel of yellow lines.
Green lines are the medium-term channel going back to March, right now at 451.66
In the next few days, it could possibly breakout to 451 or the 425-428 support range. Good Straddle playing both sides now.
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