SPY IS MOVING IN A CHANNEL, TOOK A DIP TO THE SUPPORT, THE KEY SUPPORT IS STILL UNBROKEN, THEREFORE LONG!
1- The trendline is intact
2- Horizontal support right below(gives extra confidence)
3- Buy the dip strategy seems to work on SPY
4- Make sure you hedge overnight position(IF rolling) with options, as the channel might break with a gap down!
5- Remember that OPEN/CLOSE levels are VERY important in stocks/ETF's
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