SPY has been on an uptrend after the CPI report came in lower than expected. I noticed a rising wedge on the daily timeframe, which also forms the right shoulder on a head and shoulders pattern. These are two very bearish indicators, and you can use these to short SPY, if rising wedge is broken and analysis plays out correctly. (Ignore my intraday levels drawn)
VIX has been on a significant downtrend, as it’s nearing previous support levels, its forming a falling wedge, which is a bullish indication. You can use this analysis to trade SPY for puts, if this analysis is correct and plays out.
