On this trade, the price approached a well-established resistance area and has reacted to it multiple times, indicating a higher likelihood of a bearish move. Given that the SPY appears to be at the beginning of a broader market pullback, I believe this presents a potential short-selling opportunity to capitalize on the downside.
That said, this setup carries some risk, as with any trade in the stock market, nothing is ever guaranteed. Proper risk management remains essential.
That said, this setup carries some risk, as with any trade in the stock market, nothing is ever guaranteed. Proper risk management remains essential.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.