Resistance: 322.35
Support: 296.45
What to pay attention?
It made lower highs and is getting rejected at around $310. It is approaching the 180 day EMA, it may bounce as it did before however one thing to note is that it has a support at 296.45, if it goes below that and acts as a resistance we may see a downward trend until the support of 278.45, which is about a 5% downward from $295 which could be a great play for spy puts or SPXS which is the 3x leverage for spy which translates to a potential 15% gain.
Wait for a confirmation of resistance! Do not forget your stop loss as well.
Possible Catalyst: Covid-19 cases are rising again, this maybe a slow drop the previous support levels, we could see a lot of sellers for the following weeks.
Support: 296.45
What to pay attention?
It made lower highs and is getting rejected at around $310. It is approaching the 180 day EMA, it may bounce as it did before however one thing to note is that it has a support at 296.45, if it goes below that and acts as a resistance we may see a downward trend until the support of 278.45, which is about a 5% downward from $295 which could be a great play for spy puts or SPXS which is the 3x leverage for spy which translates to a potential 15% gain.
Wait for a confirmation of resistance! Do not forget your stop loss as well.
Possible Catalyst: Covid-19 cases are rising again, this maybe a slow drop the previous support levels, we could see a lot of sellers for the following weeks.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.