SPY 2 hour chart - Creeping back into downward price channel
Yesterday SPY 200MA crossed the 50MA on the 2 hours chart.
Today's pop was definitely driven by short coverings. SPY is now heading back into the downward price channel starting a new "A" wave as we head into the uncertainty of today's election.
Pennsylvania results, unless there's a landslide, will not have results tonight or by tomorrow due to the Supreme courts decision to allow counting mail-in ballots up to three days after the election. There's a high probability certified results will not be known by Wednesday and both parties are ready to contest results, which would lead to a drop in markets.
I am holding SPY Puts as a hedge against my calls in my swing trades.
Today's pop was definitely driven by short coverings. SPY is now heading back into the downward price channel starting a new "A" wave as we head into the uncertainty of today's election.
Pennsylvania results, unless there's a landslide, will not have results tonight or by tomorrow due to the Supreme courts decision to allow counting mail-in ballots up to three days after the election. There's a high probability certified results will not be known by Wednesday and both parties are ready to contest results, which would lead to a drop in markets.
I am holding SPY Puts as a hedge against my calls in my swing trades.