SPY - relief rally next week - Levels 405, 414 and 428
If SPY manages to get above 405, we can see gap fill above to the top of the channel (around 414 to 415). We may even see 428 if the momentum continues. I will average down on my short position at these levels. I do think we see 380 before next FOMC meeting and even lower.
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SPY reached the top of channel on low volume. I dunno if it will reach 414 - 415. I opened shorts on SPY and AAPL. I will add more if we reach 414 - 415 region. I will cut my losses if SPY blasts above 428. Till then, I will continue my adding to my shorts.
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Played out perfectly. I will be closing 75% of my short position at 385 and close the rest at 380. Happy trading fellas. Stay safe out there.
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