Today SPY dipped to 360.88, below the June 17th low of 362.30. There's quite a bit of resistance here and bulls keep defending. In the chart here this looks to be a bear flag .
Considering, today the bulls tried to gap it up overnight on what technically could be perceived yesterday as a double bottom . Yet, since bulls were unsuccessful holding up price. I suspect the bears may try to gap it down tonight below 360. Having closed the day with a lower low, and since Tuesday and Friday are statistically the best days of the week to see positive gains.
With a hurricane headed for Florida, Russia's annexation news pending and generally not great sentiment. Any negative news out of Asia overnight may push the markets down. And with the UK economic issues. I'm thinking the London cash market will be a bust tomorrow. I bought SPY 357p exp . Oct 21 at close.
This is not trading advice just my opinion and trading journal.
Considering, today the bulls tried to gap it up overnight on what technically could be perceived yesterday as a double bottom . Yet, since bulls were unsuccessful holding up price. I suspect the bears may try to gap it down tonight below 360. Having closed the day with a lower low, and since Tuesday and Friday are statistically the best days of the week to see positive gains.
With a hurricane headed for Florida, Russia's annexation news pending and generally not great sentiment. Any negative news out of Asia overnight may push the markets down. And with the UK economic issues. I'm thinking the London cash market will be a bust tomorrow. I bought SPY 357p exp . Oct 21 at close.
This is not trading advice just my opinion and trading journal.