SPY has been teasing us since Monday but now it's ready to keep pushing upward with bank earnings driving the trend. Every day this week, we've seen higher highs and higher lows as the upward trend continue. Yes, volume has decreased some but this is due to earnings hesitancy. Now that banks are signaling they are profitable, we should see SPY break through $415 tomorrow and possibly see it go as high $418-$420. Of course, those who are suspicious may say we won't see $20 before 04/20, but I believe we will see it tomorrow. Take a peek at my chart. Yes, there are a lot of lines present, but if you break these down into categories, you will see horizontal support and resistance lines, trend lines, and I've highlighted in yellow bubbles those areas where price action has come close to breaking out in recent weeks. The vertical red/green arrows are momentum indicators that measure how strong an up or down trend is expected to be. So basically, looking at my chart, you'll see we are due to see the $415 price level tomorrow.
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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.