SPY Consolidates at July Highs
Love to see charts consolidating at prior key levels.
Prior high in July 2023.
SPY pausing at 4600 with 6 weeks of gains.
Last 6 week span was in 2019 when SPY notched 13 of 15 positive weeks.
SPY gained 13% in those 15 weeks.
It has gained 13% the past 6 weeks. It was due for a pause.
Call spreads or bullish put spreads can be an efficient trade if one believes market is poised to breakout from consolidation period.
Prior high in July 2023.
SPY pausing at 4600 with 6 weeks of gains.
Last 6 week span was in 2019 when SPY notched 13 of 15 positive weeks.
SPY gained 13% in those 15 weeks.
It has gained 13% the past 6 weeks. It was due for a pause.
Call spreads or bullish put spreads can be an efficient trade if one believes market is poised to breakout from consolidation period.
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