SPY on Price and RSI Trend Line Support
This is the third test of this trend line on the hourly. I'm still watching/waiting for that wedge break to play out. But with so much free money and money looking for places to hide. The retest is looking more like a levitation trick.
We got rejected from resistance right on the dot at $291.40. That was majority of the way to a gap fill at about $292. CICO seems to indicate profit taking. The market's been acting fishy since yesterday with the majors (AMZN, GOOG, NFLX) all seeing pretty heavy selling, but SPY seeing green. Not sure if rebalancing, profit taking, or short positions. Or possibly all three. But it looks like big money is taking the froth off the top before earnings. This also, coincidentally, coincides with the VIX nearing 30. Which is pack down from the stratosphere to the point where buying options is becoming viable again (mostly). That could means MM's are rebalancing due to more puts being bought either as positions or as hedges. Regardless, that many touches on a trend line usually, using the 80/20 rule, point to a break.
If this trend line breaks: $279 --> $272 and if $272 breaks there's not a lot to catch it until about $242.50 which coincides roughly with a gap fill and a pivot point. There should be major(ish, it's relative especially now) support around there on an intra day TF.
This is just my .02 based on my own personal TA and is not to be used as trading advice.
We got rejected from resistance right on the dot at $291.40. That was majority of the way to a gap fill at about $292. CICO seems to indicate profit taking. The market's been acting fishy since yesterday with the majors (AMZN, GOOG, NFLX) all seeing pretty heavy selling, but SPY seeing green. Not sure if rebalancing, profit taking, or short positions. Or possibly all three. But it looks like big money is taking the froth off the top before earnings. This also, coincidentally, coincides with the VIX nearing 30. Which is pack down from the stratosphere to the point where buying options is becoming viable again (mostly). That could means MM's are rebalancing due to more puts being bought either as positions or as hedges. Regardless, that many touches on a trend line usually, using the 80/20 rule, point to a break.
If this trend line breaks: $279 --> $272 and if $272 breaks there's not a lot to catch it until about $242.50 which coincides roughly with a gap fill and a pivot point. There should be major(ish, it's relative especially now) support around there on an intra day TF.
This is just my .02 based on my own personal TA and is not to be used as trading advice.
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