SPY open analysis 7/14/2023
Updated
I'd like to point out the diagonal supply/demand (yellowish upward sloping) zone that I've been tracking since January. If you clone the chart or zoom out on past, interactions have been very interesting.
s3.tradingview.com/snapshots/x/xldLBCY7.png
At this point, buyers have all the support in the world for a continued run. There are multiple gaps below offering support over and over again. I expect resistance at the March 2022 high of ~453.
Most likely price should go to that liquidity area and hit some resistance. I bet a lot of swing stops are up there. Interaction above 450 is going to be really interesting.
There is absolutely no reason to short yet. Stay safe and stay with the trend. Good luck trading.
s3.tradingview.com/snapshots/x/xldLBCY7.png
At this point, buyers have all the support in the world for a continued run. There are multiple gaps below offering support over and over again. I expect resistance at the March 2022 high of ~453.
Most likely price should go to that liquidity area and hit some resistance. I bet a lot of swing stops are up there. Interaction above 450 is going to be really interesting.
There is absolutely no reason to short yet. Stay safe and stay with the trend. Good luck trading.
Note
Sure looks like a rejection back into the zone so far. Time will tell.
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