SPDR S&P 500 ETF TRUSTUpdated SPY In A Broad Bull Channel
The SPY, on the daily chart, is in a broad bull channel. Most recently, we hit a supply zone and began to pull back.
If we follow the rules of supply and demand, we are likely to see another bounce off one of the demand levels marked below current price.
My exepectation is that we'll continue in this channel until we reach the weekly supply, and then we'll begin another descent.
If we follow the rules of supply and demand, we are likely to see another bounce off one of the demand levels marked below current price.
My exepectation is that we'll continue in this channel until we reach the weekly supply, and then we'll begin another descent.
Note
There was a gap down today, and my presumption is that it will continue in this direction over the next few days.
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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.