SPY is sitting just below resistance after a big move the last 2 weeks.
A move above resistance may send the shorts for cover.
In the meantime, TLT has bounced off resistance and seems to be heading higher, which is not a good sign for stocks.
Trade idea for tomorrow:
If SPY moves above today's high and TLT shows some weakness, go long SPY with a stop below today's low.
Inversely if SPY trades below today's low while TLT is moving higher, short SPY with a stop above today's high .
May 3rd, 2024: SP-500 Chart Update
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2:05 pm EST: The SP-500 gapped up from 5065 to 5122, quickly hit 5139
(day’s high), dropped to 5101 (day’s low), then rose steadily to 5130… Key
Technica...
5 hours ago