Hey Traders from around the planet. I hope you are doing outrageously perfect today. Why am I always so happy? Because I get to do what I love every single day! Trade, teach and live life!
My write-up today is going to be a simple and hopefully enriching one. Let’s talk the SPY. Here are my thoughts on it.
- The SPY has had 5 bullish weeks in a row. This week will make 6 if it continues higher
- The last time SPY had 6 bullish weeks in a row was September - October of 2015
- Back in August, 2015 the marker sold off drastically, formed a double bottom and rallied hard into the $211 area
- It appears SPY might do that again
- The 100 SMA on the SPY is at $201.58
- The SPY has been creating some lower highs on a primary level since May of 2015 (that’s the purple line on my chart)
- This Friday is Quadruple Witching Week. Expect Friday to have a lot of volume and volatility
- The market and SPY are still neutral on a long term level. It is in a distribution phase. Buy low, sell high. And sell high, buy low.
- I personally am looking for some selling on the SPY to come in around $205. SPY could make it as high as $212 before May. If so, I’ll be looking to sell at the highs.
I hope this gives you some insight into my perspective. Thanks so much for reading and have a fabulous day!
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