SPY Update - Bullish (final dip)
I posted a bullish trajectory for SPY back on 10/21/2022 (linked: "Bulls Ready to Take It") - that hit the exact trajectory up to this point. The idea left off indicating that was the setup pre-breakout; this is a follow up from that with the expected path from here.
There has been major accumulation since June 2022, with 3 minor accumulation zones (hollow green boxes) at the left shoulder, head/spring, and right shoulder. From these I can calculate equilibrium levels (dashed horizontal lines) and critical markup/activation levels (yellow dotted lines). The black and purple trend lines are supply/demand, and the dashed blue are gann angles. The horizontal green are target levels.
The final backup/retest level is SPY 387.58 - given that holds today I am expecting the path toward breakout to begin in the coming weeks:
- Breakout Level is 401.42, a break of that will see explosive upside to initial target of 432-437 by end of March 2023 (this will be the SoS)
- Following that will be the backup/retest to 401.42 by July 2023 (will likely see re-accumulation here)
- Given that holds as support the next target will be the markup to new All Time High by early-to-mid 2024. On the way to ATH expect 464, then re-accumulation to make the new high (after July the trajectory becomes illustrative to show the idea, up until July its literal).
- The end goal is SPY 530-550 but I'll send update when we are closer to that, first need to hold here and see strength to 430s in coming months.
~JM
There has been major accumulation since June 2022, with 3 minor accumulation zones (hollow green boxes) at the left shoulder, head/spring, and right shoulder. From these I can calculate equilibrium levels (dashed horizontal lines) and critical markup/activation levels (yellow dotted lines). The black and purple trend lines are supply/demand, and the dashed blue are gann angles. The horizontal green are target levels.
The final backup/retest level is SPY 387.58 - given that holds today I am expecting the path toward breakout to begin in the coming weeks:
- Breakout Level is 401.42, a break of that will see explosive upside to initial target of 432-437 by end of March 2023 (this will be the SoS)
- Following that will be the backup/retest to 401.42 by July 2023 (will likely see re-accumulation here)
- Given that holds as support the next target will be the markup to new All Time High by early-to-mid 2024. On the way to ATH expect 464, then re-accumulation to make the new high (after July the trajectory becomes illustrative to show the idea, up until July its literal).
- The end goal is SPY 530-550 but I'll send update when we are closer to that, first need to hold here and see strength to 430s in coming months.
~JM
Note
Hit the 387.58 exactly on the test, its about to run. If the 387.58 fails, next support 383.63 (unlikely)
Invalidated with sustained break below 373.93 (unlikely)
Note
Bulls in motion. Follow this idea.Note
Conjunction of Venus and Saturn tonight = Bullish af if you believe in GannNote
Case yall didnt notice this is 23 year of the bulls #Jordan#Watch them Bulls in transition.
Note
Add, keep in mind on these relatively weak pullback that market is setting up for the biggest upside move in over a year - volatility to be expected until we close above 401.42.Note
We broke out today, kill confirmed. GN bears.Note
Watchout bears theyre about to REPO your putsNote
Time to Rip, next stop 412-416Note
Likely to see some distribution here from 416-418. Could hit 420, however, I am selling calls. The 430s target will still be in play, but could see a drop to 390-400 as part of a smaller degree corrective wave. There could be support at 401 and 404 on the way down but the 0.618 is low 390s. After that it will continue back up along the green trajectory in chart.Note
Expecting move to 430s to begin tomorrow with cpi. 430s by end of Feb.Note
Tradingview, pay me. Lol
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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.