SPY manybe drift down toward $500 in the coming months slowly
S&P 500 $SPDR S&P 500 ETF Trust(SPY)$ is recovering well today, and while we could see a short-term bounce, I’m still anticipating a slow drift down toward $500 and $20 in the coming months.
SmartMoney stepped in again to defend the $550 level, and if we get a move back up to $580 in the coming weeks, I may look to open a short position or grab some 6-month puts.
Until then, all my bots remain live—just watching to see how this plays out.
One final note: while SmartMoney is bouncing price, the BX is currently set to close right on the daily, which isn’t a great signal.
Use proper risk management, stay sharp, and I’ll see you after the bell.
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