SPY Technical Analysis on October 9, 2024
Price Action:
Current Price: $573.33, with a recent high of $573.78 and support at $572.69.
Trend: SPY is trading within an upward trajectory, breaking above previous resistance levels around $572, showing bullish momentum over the last trading sessions.
Key Levels:
Support:
Immediate support at $572.69.
Stronger support zone between $565.25 and $565.82, which has been tested multiple times as shown by the lower wicks in previous candles.
Resistance:
Immediate resistance at $573.78 (recent high).
Higher resistance around $576, aligning with the trendline.
Indicators:
MACD: Momentum is mixed but leaning bullish as the histogram shifts slightly upwards. However, it still indicates choppy action, suggesting potential consolidation near current levels.
Trading Plan:
For Bulls: Watch for a continuation above $573.78, targeting the $576 level as the next resistance. Entries could be made on pullbacks to support at $572.69, with stops placed below $572.
For Bears: A rejection from $573.78 could lead to a retracement toward the support zone at $565.25–$565.82. Look for a break below $572.69 to confirm a downside move.
Outlook for Tomorrow:
Bullish Bias: As long as SPY holds above $572.69, the short-term bias remains bullish. However, any failure to break above $573.78 might lead to sideways or slight bearish movements.
Disclaimer:
This analysis is based on technical data and is not financial advice. Please conduct your own research and consider risk management when trading.
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.