SPY Eyeing Key Resistance
SPY is approaching confluent downtrend resistance at 402.90-403.92 - a region defined by the 61.8% extension of the monthly advance, the March high-day close and the 61.8% retracement of the yearly range . Look for a larger reaction there IF reached.
Key support now rests with the 200-day moving average / March 22 outside reversal close at 392 (near-term bullish invalidation)
A topside breach from here would expose 411.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
Key support now rests with the 200-day moving average / March 22 outside reversal close at 392 (near-term bullish invalidation)
A topside breach from here would expose 411.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
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.