Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

S&P 500 ETF May Be Setting Up for Short Opportunity


SPY will likely remain below its 50-day moving average.

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO+.

So, here comes that oversold bounce in the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), huh? I think the SPY may be setting up for a decent risk-to-reward short opportunity here. Look at the Fibonacci retracements here.
Click to enlarge

The 50% retrace lines up well with the 50-day moving average, and on that last bounce, the SPY stalled at the 50% retrace, so it would fit with the speed and tone of the move so far. I really don't see this one going over the 50-day moving average, and I am still expecting lower prices.
< Previous
  • 1
Next >
No positions in stocks mentioned.
Featured Videos