SPY Chart – Sticking to Resistance Trend Line
I charted SPY this morning at 9:47 when it was trading at 105.83 and saw resistance holding the S&P 500 index back from breaking out too far for the next few days. I’d like to see a few percentage point drop before getting in much deeper. Since I’m sitting on some SSO September 32 naked calls, I’d like that dip to happen sooner than later. SPY has a little room to move higher from here, but not much compared to how much room it has to the downside.
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