I can’t recall the last time I posted an official swing trade idea on the broad market (S&P 500) as the Nasdaq 100 is typically (and still is) my preferred index when trading the large caps. However, SPY now offers an objective short entry on this breakdown below the uptrend line/rising wedge pattern on the daily chart below.
SPY daily Oct 23rd
The suggested beta-adjusted position size for this trade is 1.0 (i.e.- a typical position size, no adjustment needed) with a maximum suggested stop of 595.60. Also, note that the price targets on the daily chart above are for a typical swing trade with an expected holding period measured in weeks to a few months, at most. My long-term trend targets for SPY remain as initially posted back on June 26th along with my long-term trend targets for QQQ & NVDA, which I still favor being hit over the next year or two at this time.