SPY is now in a longer term downtrend and how to play it
Chart shows the weekly chart with previous breakdowns from long term uptrend channels shown. As can be seen, the downwards price action can last for a year or up to 30 months in the case of the tech crash at the turn of the millenium.
I will be waiting for price to retest the 20EMA on the weekly chart and placing bearish options plays at those price points. I prefer credit spreads as opposed to outright shorts or directional plays. Patience in waiting for pullbacks is key here. I hate chasing the market either up or down.
I will be waiting for price to retest the 20EMA on the weekly chart and placing bearish options plays at those price points. I prefer credit spreads as opposed to outright shorts or directional plays. Patience in waiting for pullbacks is key here. I hate chasing the market either up or down.
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