📉 Overview:
The S&P 500 ETF (SPY) has broken through a key support level with strong downward momentum. This bearish move suggests further downside potential, with key targets identified below.
🔍 Technical Analysis:
Price has decisively broken below a key support zone with strong momentum, indicating a potential continuation to the downside.
1st Target: Around $537.75, which aligns with the yearly mid-level support.
2nd Target: Around $510.27, which coincides with the 6-month low level.
Momentum indicators (Neon Momentum Waves) are trending downward, supporting bearish sentiment.
Long-Term Support: The yearly low at $466.43 remains a major downside level to watch if bearish pressure intensifies.
🚨 Trading Plan:
📌 Bearish Bias – Look for potential short entries on pullbacks towards the broken support level, now acting as resistance.
📌 Stop Loss: Consider placing stops above the breakdown level (~$560) to mitigate risk.
📌 Profit Targets:
First target: $537.75
Second target: $510.27
📊 Risk Management:
Keep an eye on volume and momentum indicators to confirm the bearish move.
If price reclaims the broken support level, reconsider the short thesis.
📢 Conclusion:
SPY is showing strong bearish momentum after breaking key support. If the trend continues, the price may reach the identified targets. Traders should monitor price action and momentum signals for confirmation.
⚠ Disclaimer: I'm not a financial expert—just sharing my thoughts based on my analysis. Always do your own research and manage risk accordingly.
Do you agree with this outlook? Let’s discuss in the comments! 🚀📉
#SPY #Trading #StockMarket #Bearish #TechnicalAnalysis #SwingTrade #Momentum #NotFinancialAdvice
Trade closed: target reached
Closing trade as both of my targets have been hit. 
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.