Reversion to SPY's 200-day SMA seems highly probable. There is also the 50% fib retracement level which is right in line with the 200-day SMA at 350.29. This 350 area is a critical piece of support for SPY and once reached will likely lead to some choppy trading sessions before a continued move downward. In the meantime though... there is roughly 8% of unclaimed downside price action that seems highly likely SPY sees in the short term.
This is not trading advice. Good luck!
This is not trading advice. Good luck!
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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.