SPY 1H Analysis: Bearish Breakdown Below Key Support
SPY (S&P 500 ETF) Price Analysis: Potential Breakdown from Consolidation Zone
Chart Overview:
Asset: SPY (SPDR S&P 500 ETF)
Timeframe: 1-hour (1h)
Trend: Bearish movement developing
Key Observations:
Support and Resistance Levels:
The price is currently within a blue consolidation zone between 590 and 597.
There is a major resistance around 612, which previously acted as a rejection point.
The lower boundary at 590 is a key support level.
Bearish Structure:
The price recently tested the upper range but failed to break out.
A rejection from the 597 resistance level suggests weakness in buying pressure.
The price action is forming a lower high, indicating the potential for a downside move.
Breakdown Expectation:
If the price breaks below 590, a significant sell-off could occur.
The next target for a potential drop would be 585 or lower.
Conclusion:
Bearish bias: If price fails to hold above 590, further downside is expected.
Key level to watch: A confirmed break below 590 could lead to a continuation of the downward trend.
Potential trade setup: Short opportunities below 590 with a target towards 585.
Chart Overview:
Asset: SPY (SPDR S&P 500 ETF)
Timeframe: 1-hour (1h)
Trend: Bearish movement developing
Key Observations:
Support and Resistance Levels:
The price is currently within a blue consolidation zone between 590 and 597.
There is a major resistance around 612, which previously acted as a rejection point.
The lower boundary at 590 is a key support level.
Bearish Structure:
The price recently tested the upper range but failed to break out.
A rejection from the 597 resistance level suggests weakness in buying pressure.
The price action is forming a lower high, indicating the potential for a downside move.
Breakdown Expectation:
If the price breaks below 590, a significant sell-off could occur.
The next target for a potential drop would be 585 or lower.
Conclusion:
Bearish bias: If price fails to hold above 590, further downside is expected.
Key level to watch: A confirmed break below 590 could lead to a continuation of the downward trend.
Potential trade setup: Short opportunities below 590 with a target towards 585.
Trade closed: target reached
🎯✅ Another Target Hit – SPY Playing Out Perfectly! ✅🎯
Boom! 🚀 Our analysis on EUR/USD nailed the key resistance zone, leading to the expected rejection! 📉🔥
Patience and precision always pay off in trading! If you caught this move, let me know in the comments! 💰💡
More setups coming—stay tuned, and let’s keep winning together! 🏆📊
#EURUSD #ForexQueen #TechnicalAnalysis #TradingView
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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.
Related publications
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.