SPDR S&P 500 ETF TRUST
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SPY - Bullish Move...Is it for real?

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The break above light blue trend line was very bullish, even with moderate volume. The bears could not take control to break even relatively week support areas. Are the bulls gaining momentum? This recent price action could be a signal that the May 2015 high could be tested and surpassed. I still expect further volatility in 2016, but a push higher could establish a new trading range. It could also indicate my hypothesis for 2016 has been incorrect and the bulls will remain in control.

I sold a credit/bear call spread earlier this week. Normally i would take advantage of the rise and sell more without hesitation. My breakeven is currently $210.20. I still will probably sell more &/or raise my breakeven closer $212, but I am carefully weighing my options, the R/R, the timing, and ensuring I have will still have future flexibility.

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Volume light, but price action is looking very bullish. I would be surprised if we didn't test $211 & $212.

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.