This is a purely technical analysis, as fundamentals seemingly mean nothing nowadays.
We need to wait for this signal to confirm, but $SPY is approaching the bottom of its channel and is primed for a bounce. If it hugs the bottom of the channel this should be considered a red flag that the trend may break. If it sharply rejects this indicates a promising long position. Targets should ideally be set around the mid-channel mark, which would be ~$320 depending on duration of trade window.
As for now, I am remaining neutral on this position.
We need to wait for this signal to confirm, but $SPY is approaching the bottom of its channel and is primed for a bounce. If it hugs the bottom of the channel this should be considered a red flag that the trend may break. If it sharply rejects this indicates a promising long position. Targets should ideally be set around the mid-channel mark, which would be ~$320 depending on duration of trade window.
As for now, I am remaining neutral on this position.
Ordine annullato:
We have broken out of the trend. Assuming we break 300, look to short to 296. If 296 falls we're falling much farther.
If we fall through this line, absolutely be looking for shorts.