ES / SPY Game Plan Aug 6, 2023
For the upcoming trading day on Monday, the 7th, expectations for SPDR S&P 500 ETF (SPY) are as follows:
Opening Price: $448.66
Expected Price Range: Between $442.52 and $451.10, based on a 14-day Average True Range.
Possible Trading Interval: The stock could move up or down by approximately $4.29 (+/-0.96%) from the previous closing price.
Potential Intraday Movement: If the calculated range is fully realized, there could be a 1.92% difference between the lowest and highest trading prices during the day.
Considering technical factors:
Resistance Level: The stock is closer to a resistance level at $450.13 (0.74%).
Support Level: The support level is at $442.55 (0.95%).
Risk/Reward Assessment: Given the proximity to resistance and the support levels, the intraday risk/reward ratio is not deemed attractive by our systems. It suggests waiting for the stock to approach the support level before considering any trades.
Please note that this information is provided based on available data and calculations, and trading decisions should be made with careful consideration of your own analysis and risk tolerance.
Opening Price: $448.66
Expected Price Range: Between $442.52 and $451.10, based on a 14-day Average True Range.
Possible Trading Interval: The stock could move up or down by approximately $4.29 (+/-0.96%) from the previous closing price.
Potential Intraday Movement: If the calculated range is fully realized, there could be a 1.92% difference between the lowest and highest trading prices during the day.
Considering technical factors:
Resistance Level: The stock is closer to a resistance level at $450.13 (0.74%).
Support Level: The support level is at $442.55 (0.95%).
Risk/Reward Assessment: Given the proximity to resistance and the support levels, the intraday risk/reward ratio is not deemed attractive by our systems. It suggests waiting for the stock to approach the support level before considering any trades.
Please note that this information is provided based on available data and calculations, and trading decisions should be made with careful consideration of your own analysis and risk tolerance.
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