The Piker Signal is flashing a Short, hitting one of its highest levels wtih a 3.5+ deviation of overbought. This lines up nicely with the chart of SPY. SPY is hitting resistance at 435-437 which is the highs from October which stopped the last rally off our oversold level. The action on Friday left SPY with a nice hanging candle with a selling right at that resistance level. Click here to read more about when our trading signal hits these levels

How to Trade the Short Signal

With our indicator flashing “SHORT” we are currently short with stops above 437.50. The targets are the gaps below that SPY intense rally left with the first being 431 but we can see a pull back to 425 as a likely target. At a minimum we expect chop at this level with SPY bouncing between 434-437 for a few days.

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