SPY when to place yourself for a bounce
SPY has broke support in this downtrend and now it will serve as a resistance, which is currently at 373.
BULL:
So today we may see green at the first half of a day, if it can get back in the channel, then after testing it as a support, we may see a rally up to 400 level. (inverse H&S)
So I would place long position in back test area, which is around 368
I would love this to happen as it gives opportunity for both good long and short entry with high probability of success.
BEAR:
If we can't brake 373, then most likely next targets are at around 354,340, 323, i think that is most likely to what may happen as we haven't yet seen a capitulation.
Good luck!
BULL:
So today we may see green at the first half of a day, if it can get back in the channel, then after testing it as a support, we may see a rally up to 400 level. (inverse H&S)
So I would place long position in back test area, which is around 368
I would love this to happen as it gives opportunity for both good long and short entry with high probability of success.
BEAR:
If we can't brake 373, then most likely next targets are at around 354,340, 323, i think that is most likely to what may happen as we haven't yet seen a capitulation.
Good luck!
Ill be looking for 374 possible rejection, if not 380