SPY 2 Week Forecast
Updated
SPY I'm doing a quick analysis of basic price action from the start of 2024 thru the end of January.- SPY $475 is a possible support
- High and Lows for this year are identified, a break of either of those could generate a more significant move in the same direction.
- We could see a lot of chop between SPY $478 and $472, but if $472 holds then there is still a case for more All Time Highs in the future.
- Using a fib extension from this year only, 1.618 value would put us around SPY $490 - $492 which for me a reasonable move up. 3% or so is something SPY can do in a week easy.
- Using an offset moving average, $476 would become support 50 days out. This is just what the moving average gives, but it seems reasonable.
- JPM issues $5100 price target for
SPX this year 2024.
Note
There's also a KST crossover that isn't highlighted. The KST actually generated a buy signal (green line crossing red line).Another missed highlight: Accumulation/Distribution and On Balance Volume moving in the same direction can also be used to confirm price direction. One measures distance from close and the other adds volume on up days/subtracts it on down days.
When a stock closes near the high of the period’s range and has high volume, it will result in a large A/D jump, increasing OBV strengthens the confirmation.
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