SPY (Trade Recap)

I mentioned this morning that I was holding swing calls due to levels and a Fair Value Gap on the higher time frames I noticed.

I am happy and greatful to say that a majority of the unrealized losses I experienced this morning were regained thanks to the Fair Value Gap and levels. I sold my position for a $1 loss from my original contract purchase and I probably could have held as the gap continues to be filled, but I wanted out of the Market. Tomorrow is another day to trade and I am thankful for the opportunity to sell for not a significant loss.

Notes:

- Lower High Trendline is acting as strong support

- The price found strong buyers down at the $537.41 level

- There is a larger Fair Value Gap on the Daily that the price is about to retest

- There is a bear gap from the $549.17 - $553.275 level that the bulls might want to fill

- There is currently no larger selling liquidity on the higher time frames for SPY

- The 1 Hour is flagging a bullish Fair Value Gap from $544.63 - $545.62 and as of now the sellers are possibly being swept from their positions as the candle wicked down and up through the range

At the time of writing, the SPY is at $546.540