PRE-MARKET ANALYSIS - S&P 500 SPY ETF. 01-DEC
Time: 14:30pm (SA); 07:30am (USA:NY)
Chart: 1H
Last Close: $455.78
S&P Futures in Pre-Market: 4621
Key Points:
In the pre-market, SPX futures are higher with a print of 4621 meaning that the SPY should likely open higher at around $462. This is around yesterday's support /breakdown level (following Chairman Powell's comments). I have to admit, this is a messy-looking chart with many gaps so the best thing is to adjust in real-time. That being said, the downside gap has been filled, which is also in line with the the prior support seen from 26 - 29 October. You have to monitor if yesterday's early session support zone will be reclaimed or whether that turns to a resistance zone...I'm leaning toward support turning into resistance (~$462-464).
Chart: 1H
Last Close: $455.78
S&P Futures in Pre-Market: 4621
Key Points:
In the pre-market, SPX futures are higher with a print of 4621 meaning that the SPY should likely open higher at around $462. This is around yesterday's support /breakdown level (following Chairman Powell's comments). I have to admit, this is a messy-looking chart with many gaps so the best thing is to adjust in real-time. That being said, the downside gap has been filled, which is also in line with the the prior support seen from 26 - 29 October. You have to monitor if yesterday's early session support zone will be reclaimed or whether that turns to a resistance zone...I'm leaning toward support turning into resistance (~$462-464).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.