$SPY - Weekly Outlook Feb 25 - Mar 01
Updated
I am seeing SPY hitting the red area early in the next week, possibly on Monday. Then find resistance there and consolidate there. And, possibly, pull back to test support of 278.92 before moving higher and breaking the red resistance area. This looks to me will be a hard resistance area. Any positive or negative US-China trade news can make it go either way fast.
I am currently long SPY. But I will take profits when it hits the red area and wait for it to clear the red area before entering again. Overall, I am bullish on the market. If the US-China trade deal happens, we're taking off for the moon.
Resistance = 280.40 - 281.82
First support = 278.92
Second support = 276.60
If you would like me to analyse a stock ticker, please feel free to mention in the comments.
I am currently long SPY. But I will take profits when it hits the red area and wait for it to clear the red area before entering again. Overall, I am bullish on the market. If the US-China trade deal happens, we're taking off for the moon.
Resistance = 280.40 - 281.82
First support = 278.92
Second support = 276.60
If you would like me to analyse a stock ticker, please feel free to mention in the comments.
Note
As expected, SPY struggled hard in the red resistance area and closed the day below it. It will possibly find support at 278.92 and move up from there.
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.