I just read the chessNwine post on swing trading SPY on the 30 minute table and wanted to put it in context of the daily correlation to the SPX.
As you can see we almost reached the top of the daily channel off the June 4 bottom. From that view it looks a lot more likely that we are going back down than breaking out.
My plan is to intitiate a short position via SDS later in the day.
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