$SPY Analysis for the week 7-12 June 21
Weekly chart - uptrend since March 2020 pandemic lows is still intact. Shorter term moving averages still trading above the longer term averages and chart still looking strong.
Daily chart - March 2020 uptrend still holding.
Short term support level is $412 where we find both horizontal as well as uptrend support and 50day ma support.
Resistance level - $423. Above 423 we should see the SPY etf move to monthly pivot R2 at $434-435, and then $442.
Overall picture still very bullish but bulls will need to overcome $423 to push higher this week. Should we see some weakness early in the week then it is important that $412 holds, or else the bears might gain some momentum to move this lower.
Daily chart - March 2020 uptrend still holding.
Short term support level is $412 where we find both horizontal as well as uptrend support and 50day ma support.
Resistance level - $423. Above 423 we should see the SPY etf move to monthly pivot R2 at $434-435, and then $442.
Overall picture still very bullish but bulls will need to overcome $423 to push higher this week. Should we see some weakness early in the week then it is important that $412 holds, or else the bears might gain some momentum to move this lower.
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