$SPY correction incoming? Back below $550
SPY is putting in a short term top here. All of the signs are there if you know what to look at. For example,
TLT up 2% today. SPY sold off throughout the day. Crypto selling off. Volatility starting to react at the bottom of the range. Dollar continuing to rise. The chart also is failing at resistance.
I could see one more attempt at a move higher, and if we fail at $602 or lower and fall back below $597, it'll be extremely bearish and the confidence in this move playing out strengthens.
I think we'll see $527-531 over the next couple of weeks. Playing the move through
UVXY calls.Note
Looking like we'll hit the original idea of $614 before the move down. Targets to the downside remains the same. I'll likely take puts on SPY once that level gets hit. 
I'll also be adding to UVXY tomorrow.
Note
Looking like the pivot is now bringing price back down.Transaction en cours
Now that we're below the resistance levels, I think the likelihood of this idea playing out is pretty high from here on out. Just going to play the idea via UVXY calls again Note
Down we go
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.