SPY Briefing for Wednesday 8/30/23

SPY Briefing for Wednesday 8/30/23

Aug 30, 2023

Though anything's possible, I'd expect the price action from today to be unwound either tomorrow or later this week/early next week. We cut through all levels and didn't see any retests to create new floors. To me, that means the move is unsustainable. As such, I took large short positions throughout the day and will look to play retests of 445 (at the minimum) and 444, with potential to start a new leg down if we gain steam on a sell off.

Now, if this turns into a blow-off top and continues up tomorrow, 452.18 is the next resistance, followed by the green trend line.image

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