TRADING TIPS

SPY Doesn’t Act Like It’s Going to Hold

Hubert Senters here. Let’s take a look at the SPY so obviously it sold off quite a bit on Friday.  You’re probably receiving this video either Saturday or Sunday. But let’s take a look at some potential support areas. It’s above the cloud which is still bullish but there’s a little crank to that. It’s also close below the yellow line which is called the turning line and the standard line which is the purple line which implies that it wants to go down here and drift down to the top of the cloud which is $287. Now, it does have a little support right here at $297. It’s what $297 holds then it can potentially go higher. It probably won’t hold though. It will probably drift back down like $286, $287 down in this area. So if you are long the overall markets you can hedge against that position. You can tighten up your stop-loss or you can sell some of your position. Good luck. Hope it helps. See you on the next video. Hubert.

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