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11/9/2023: Do not buy at the resistance level.

(2023-11-09 16:28:06) 下一個

Do not buy at the resistance level, and do NOT sell at the support level. This is why I closed all my position around 436 for SPY on last Friday (11/3/23).

Moving forward, apparently two key points: (1) 436 area is still one of the big resistance; (2) to move upward, filling the Gap SPY (435 to 439 area) is still a big challenge.

It is pretty hard to start any trading right now for SPY @ 433.84.  My first trading choice would short SPY around 438 area when it bounce back, and cut loss around SPY 442.8 if the market break up.  Otherwise, will follow the down-trend to 426.56, possibly 421.20 in the coming two weeks. The 2nd choice will be waiting for pullback to around 426 area first, watching closely to see if it is a good entry point.

The worst choice would be to chase high right now, but I will not do it.

For a swing trader, it is like a sniper, we need to wait, wait, and wait to sniper the highest chance opportunity.  Good luck.

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