SPY Continued Downside - Hidden Divergence
Chart Event: Bearish Divergences on multiple timeframes. Rising wedge pattern on 65m and lower timeframes.
Confluence: Bearish Divergence on 65m timeframe. Hidden Bearish Divergence on daily timeframe. Rising Wedge pattern (bearish) on 65m and lower timeframes. MACD very wide. Volume decreasing. Death Cross moving average event occurred a few days ago. Price action is nearing old resistance levels along with the 61.8% Fibonacci Retracement level. RSI overbought on 65m timeframe.
Trade Idea: Put Swings
Contract Suggestions (depending on Monday's open):
Best: 4/8/22 450P
Riskier 4/6/22 450P
Riskiest 4/1/22 450P
I will likely buy both the 4/8 and the 4/1 contracts, heavily weighted to the 4/8 contracts to allow this time for this move to play out.
Confluence: Bearish Divergence on 65m timeframe. Hidden Bearish Divergence on daily timeframe. Rising Wedge pattern (bearish) on 65m and lower timeframes. MACD very wide. Volume decreasing. Death Cross moving average event occurred a few days ago. Price action is nearing old resistance levels along with the 61.8% Fibonacci Retracement level. RSI overbought on 65m timeframe.
Trade Idea: Put Swings
Contract Suggestions (depending on Monday's open):
Best: 4/8/22 450P
Riskier 4/6/22 450P
Riskiest 4/1/22 450P
I will likely buy both the 4/8 and the 4/1 contracts, heavily weighted to the 4/8 contracts to allow this time for this move to play out.
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