SPY: The most important technical points to watch!
Hello traders and investors! Let’s see how SPY is doing today! It is moving exactly as we expected, but we have a few points to update.
Yesterday we did a good job, as we identified the bullish bias successfully. In addition, it respected the support level at our green line ($443). The bears tried very hard to break this support, but in the end, the bulls won one more fight, as expected in bull trends. Keep this price in mind, we’ll talk about it later in this post. As always, the link to our previous study is below this post.
Now, it is doing another higher high, breaking the $ 446 (previous top). It still could reverse and fill the gap at $ 440, of course, but since we lack bearish structures, we can’t work with this scenario for the short-term.
Right now, our next resistance is the dashed line at $ 451 (a secondary resistance, in my view), and we have the $ 458, which seems to be a relevant key point on SPY.
Now, let’s look at the daily chart:
I hope you didn’t forget about the green line plotted in the 1h chart. There’s another reason why this line is a strong support, which I forgot to mention in yesterday's analysis (sorry, my bad).
The $ 443 support in the 1h chart is at the same price level of the 38.2% Fibonacci’s Retracement in the daily chart. This dual-confirmation of support levels is always something to pay attention to.
Now, the SPY is heading to its 21 ema in the daily chart, and this could be a resistance for it, however, I would use the resistances in the 1h chart to guide me, as the 21 ema has not been a reliable indicator lately.
Again, we see not a single bearish sign in the short/mid-term, however if you say that the volume is not that good, I couldn’t disagree. We got to pay attention to the signs it’ll give us this week, and I’ll keep you guys updated on this. In this case, remember to follow me to not lose my daily analyses.
Yesterday we did a good job, as we identified the bullish bias successfully. In addition, it respected the support level at our green line ($443). The bears tried very hard to break this support, but in the end, the bulls won one more fight, as expected in bull trends. Keep this price in mind, we’ll talk about it later in this post. As always, the link to our previous study is below this post.
Now, it is doing another higher high, breaking the $ 446 (previous top). It still could reverse and fill the gap at $ 440, of course, but since we lack bearish structures, we can’t work with this scenario for the short-term.
Right now, our next resistance is the dashed line at $ 451 (a secondary resistance, in my view), and we have the $ 458, which seems to be a relevant key point on SPY.
Now, let’s look at the daily chart:
I hope you didn’t forget about the green line plotted in the 1h chart. There’s another reason why this line is a strong support, which I forgot to mention in yesterday's analysis (sorry, my bad).
The $ 443 support in the 1h chart is at the same price level of the 38.2% Fibonacci’s Retracement in the daily chart. This dual-confirmation of support levels is always something to pay attention to.
Now, the SPY is heading to its 21 ema in the daily chart, and this could be a resistance for it, however, I would use the resistances in the 1h chart to guide me, as the 21 ema has not been a reliable indicator lately.
Again, we see not a single bearish sign in the short/mid-term, however if you say that the volume is not that good, I couldn’t disagree. We got to pay attention to the signs it’ll give us this week, and I’ll keep you guys updated on this. In this case, remember to follow me to not lose my daily analyses.
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