SPY for today 10/16/24
Key Observations:
Price Levels:
Current Price: SPY is trading around $579.32.
Resistance Levels: There is resistance around $580.16 and above at $584.63, and the volume profile thins out as we approach $585.27, indicating potential price exhaustion or lack of interest above that zone.
Support Levels: Major support is indicated around $575 and lower, at $570.11. Below $575, the volume profile shows stronger activity, making this a key level to watch.
Volume:
Volume has been increasing on recent pullbacks, which suggests that sellers are stepping in at higher levels. However, the spike in volume at lower levels could also indicate accumulation.
Moving Averages:
The short-term moving averages (likely 9 EMA and 21 EMA) have turned downward, indicating a bearish sentiment for the morning.
The price is currently below these moving averages, showing a short-term downtrend.
MACD:
The MACD histogram is negative, with the lines still crossing below the zero line, indicating bearish momentum. However, the histogram shows slight narrowing, which could mean that selling pressure is weakening.
Volume Profile (Visible Range):
The volume profile shows a large node around $575, indicating strong buying and selling interest at that level. This could act as support if SPY moves lower.
There’s a thin volume area between $580 and $585, meaning price could see sharp movements in either direction depending on order flow in this range.
End-of-Day Outlook:
Bullish Scenario:
If SPY can hold above the $579.30 - $580.00 zone and reclaim the $584.63 resistance, it could attempt to move back toward $585.27. A move above that level could lead to a retest of the recent highs, but there would need to be strong buying momentum to push through the thin volume zones.
Bearish Scenario:
If SPY breaks below $579, there’s a good chance it will retest the $575.00 level. A breakdown below $575 could send the price down to $570.11, where stronger support is expected based on the volume profile.
Watch for rejection at the $580 - $581 level, as this could indicate continued downside momentum.
Conclusion:
The price action and indicators suggest a slightly bearish bias at the moment, with potential for a bounce if SPY can hold support at $579 - $580. Keep an eye on the $575 level as it could act as a magnet if sellers continue to push. A recovery above $580 would likely target the $584 - $585 zone, where resistance is stronger.
Disclaimer: The information provided is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research or consult a professional before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.
Price Levels:
Current Price: SPY is trading around $579.32.
Resistance Levels: There is resistance around $580.16 and above at $584.63, and the volume profile thins out as we approach $585.27, indicating potential price exhaustion or lack of interest above that zone.
Support Levels: Major support is indicated around $575 and lower, at $570.11. Below $575, the volume profile shows stronger activity, making this a key level to watch.
Volume:
Volume has been increasing on recent pullbacks, which suggests that sellers are stepping in at higher levels. However, the spike in volume at lower levels could also indicate accumulation.
Moving Averages:
The short-term moving averages (likely 9 EMA and 21 EMA) have turned downward, indicating a bearish sentiment for the morning.
The price is currently below these moving averages, showing a short-term downtrend.
MACD:
The MACD histogram is negative, with the lines still crossing below the zero line, indicating bearish momentum. However, the histogram shows slight narrowing, which could mean that selling pressure is weakening.
Volume Profile (Visible Range):
The volume profile shows a large node around $575, indicating strong buying and selling interest at that level. This could act as support if SPY moves lower.
There’s a thin volume area between $580 and $585, meaning price could see sharp movements in either direction depending on order flow in this range.
End-of-Day Outlook:
Bullish Scenario:
If SPY can hold above the $579.30 - $580.00 zone and reclaim the $584.63 resistance, it could attempt to move back toward $585.27. A move above that level could lead to a retest of the recent highs, but there would need to be strong buying momentum to push through the thin volume zones.
Bearish Scenario:
If SPY breaks below $579, there’s a good chance it will retest the $575.00 level. A breakdown below $575 could send the price down to $570.11, where stronger support is expected based on the volume profile.
Watch for rejection at the $580 - $581 level, as this could indicate continued downside momentum.
Conclusion:
The price action and indicators suggest a slightly bearish bias at the moment, with potential for a bounce if SPY can hold support at $579 - $580. Keep an eye on the $575 level as it could act as a magnet if sellers continue to push. A recovery above $580 would likely target the $584 - $585 zone, where resistance is stronger.
Disclaimer: The information provided is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research or consult a professional before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.
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.
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.