Very Strong Resistance
This is my first post about Stock Market Analysis. We are on June right now, and it’s not a very good month based on seasonality. “Buy on October, Sell on May and Go Away” proved to be a very good and a low risk strategy to implement so far.
Looking the daily chart of S&P 500, we can see that the index facing a very thick and strong resistance at 950 level. This resistance also validated by vol by price indicator like what i show you in the chart. For bullish side, the signal would be tested when the index touched SMA 50. Can it hold there or break down to the lower level? If it hold, it can be a good entry point to be bullish.
From intraday chart, we can see that S&P already break the consolidation range and forming a downtrend channel. Since monday, i already entered a large amount of SPY 100/101 SEP 09 Bear Call Credit Spread position. I wait the next signal to be extra bearish on this market, so i can buy put on SPY or some stocks.
My View : Slightly Bearish, Waiting for another signal to enter another position