SPY Broke Below the Wedge

September 21, 2023
Author: Peter Stolcers, Founder of OneOption

Here's what to expect today and how I plan to trade the breakdown.

PRE-OPEN MARKET COMMENTS THURSDAY – This morning the /ES futures are opening 35 points lower and we are seeing follow through to the post-FOMC drop. The upward sloping trendline for the SPY that started in March was broken on heavy volume and the long red candle closed on its low. This is how we want to break support. We have broken out of the wedge formation and that was expected. We just did not know which way the market would break. The price action has been compressing and both extremes for the wedge were within striking distance.

Daily Bulletin Continues...

Want Full Access?

Become a Member

Start Free Trial

No credit card required.


Previous Bulletin

September 20, 2023

Next Bulletin

September 22, 2023