As an alternative to shorting the SPY here for a quick bucket 2 trade I see JPM setting up.

The stock found resistance at its 200 sma (red line) and formed an outside day yesterday on big volume.  Historically the 200 sma has worked pretty well for support and resistance on JPM, at least for a trade.

Stops can be put at yesterday’s highs at most.  Note the big gap luring above (gray zone).

I will most likely trade SPY instead but JPM with a beta of 1.3 vs the S&P 500 may offer decent risk reward here if played via the stock.

 

 

 

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