SPY Technical Analysis Oct. 28, 2024
Detailed Support and Resistance Levels
Support Levels:
574.36: This is a crucial support level. If SPY stays above this level, it may serve as a solid base. If it breaks below, expect further downward pressure.
571.35: This is the next key support level. A break below this could indicate a stronger downtrend, potentially bringing SPY down to lower price ranges.
Resistance Levels:
577.75: This is the immediate resistance SPY would need to break to regain bullish momentum. If SPY can close above this level, it could show buyers are stepping in.
579.24: This level will be a strong resistance point if SPY attempts to break upward. A successful close above this would suggest a short-term reversal.
581.16: If SPY breaks through previous resistance levels and trades above this one, it may confirm a reversal and could serve as a potential exit for bullish positions.
Entry and Exit Points
Bullish Scenario (if SPY breaks resistance):
Entry: Consider entering a long position around 578 if SPY breaks above 577.75 with strong buying volume.
Exit: Set an initial profit target at 581 (near the next resistance), with a potential higher exit target at 585 if momentum continues upward.
Stop Loss: Place a stop loss slightly below the 577.75 resistance (around 576) to limit downside risk.
Bearish Scenario (if SPY breaks support):
Entry: Consider entering a short position around 574 if SPY breaks below 574.36 with strong selling volume.
Exit: Set an initial target at 571 for a quick scalp. If SPY moves further down, consider a final target near 568.
Stop Loss: Place a stop loss slightly above 574.36 (around 575.5) to prevent excessive losses in case of a quick rebound.
Neutral Scenario (Range-bound play):
If SPY remains between 574.36 and 577.75, it may be suitable for quick, range-bound trades. Buy near support (574.36) and sell near resistance (577.75) with tight stops to manage risk.
Summary Strategy
Bullish bias: Enter around 578, targeting 581 or 585.
Bearish bias: Enter around 574, targeting 571 or 568.
Range-bound play: Trade between 574.36 and 577.75 for quick scalps if no breakout occurs.
Disclaimer: This analysis is for informational purposes only and is not financial advice. Market conditions are volatile, and trading involves risk. Always consult with a financial advisor before making any trades.
Support Levels:
574.36: This is a crucial support level. If SPY stays above this level, it may serve as a solid base. If it breaks below, expect further downward pressure.
571.35: This is the next key support level. A break below this could indicate a stronger downtrend, potentially bringing SPY down to lower price ranges.
Resistance Levels:
577.75: This is the immediate resistance SPY would need to break to regain bullish momentum. If SPY can close above this level, it could show buyers are stepping in.
579.24: This level will be a strong resistance point if SPY attempts to break upward. A successful close above this would suggest a short-term reversal.
581.16: If SPY breaks through previous resistance levels and trades above this one, it may confirm a reversal and could serve as a potential exit for bullish positions.
Entry and Exit Points
Bullish Scenario (if SPY breaks resistance):
Entry: Consider entering a long position around 578 if SPY breaks above 577.75 with strong buying volume.
Exit: Set an initial profit target at 581 (near the next resistance), with a potential higher exit target at 585 if momentum continues upward.
Stop Loss: Place a stop loss slightly below the 577.75 resistance (around 576) to limit downside risk.
Bearish Scenario (if SPY breaks support):
Entry: Consider entering a short position around 574 if SPY breaks below 574.36 with strong selling volume.
Exit: Set an initial target at 571 for a quick scalp. If SPY moves further down, consider a final target near 568.
Stop Loss: Place a stop loss slightly above 574.36 (around 575.5) to prevent excessive losses in case of a quick rebound.
Neutral Scenario (Range-bound play):
If SPY remains between 574.36 and 577.75, it may be suitable for quick, range-bound trades. Buy near support (574.36) and sell near resistance (577.75) with tight stops to manage risk.
Summary Strategy
Bullish bias: Enter around 578, targeting 581 or 585.
Bearish bias: Enter around 574, targeting 571 or 568.
Range-bound play: Trade between 574.36 and 577.75 for quick scalps if no breakout occurs.
Disclaimer: This analysis is for informational purposes only and is not financial advice. Market conditions are volatile, and trading involves risk. Always consult with a financial advisor before making any trades.
Nota
Resistance: Watch for a break above $582.80. If this level holds, SPY could reach towards $584.
Support: If SPY drops below $581.24, it may continue down to $580 or lower.
Indicators: Low pre-market volume suggests indecisiveness. Look for volume spikes around these levels for stronger directional clues.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.