$SPDR S&P 500 ETF Trust(SPY)$ Scalping puts intraday is one thing, but if someone claims they are shorting the market here, I either don't believe them, they have an ulterior motive like trying to bait retail, or they are just a dumb trader.
This is the key support level on the daily chart. As long as the middle Bollinger Band at 764.78 is holding, this is a load zone, not a short zone.
Shorting into major support on the daily and weekly charts is just stupid. If there is a close below the middle Bollinger Band and it gets confirmed as resistance, then shorting the market makes sense. Otherwise, this is a major level for taking new long positions.
People always get the best entries for long positions when everyone is in fear and sentiment is bad. Once the reversal starts, everyone starts chasing.
Not saying to buy the dip here, that is still unclear as well. Just saying sometimes the best trade is to wait.
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