SPY is at a pretty interesting spot here—right around the same level we saw during the last two major drops over the past 5 years. Both of those times, price either held or quickly bounced off the weekly 200 EMA, and RSI was oversold.Could there be more downside? Sure. But if I were someone looking to start positioning near a potential bottom—or at least close to one—this is the kind of level I’d be watching and putting some funds to work.
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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.