The S&P 500 has had a really good week, and at the time of writing is almost up 5%. Based on my technical analysis it seems to be at a fairly crucial point, as it is hitting really strong support that turned into resistance. Using both the 50-day EMA as well as the Fibonacci retracement it also shows that price has begun its battle with the resistance. Since it had an amazing week, I expect the prices the go down the marked support or maybe even more. The Stochastic RSI also indicates it is currently oversold, as well as the ATR meeting resistance. Personally, I would be taking a short position on SPY with expiry ranging from 1-2 weeks.
As always, this is not financial advice.
As always, this is not financial advice.