SPY overview - Jan 19
Yesterday after gapping up, the market tested the Jan-17 High/Close. Then broke through 8EMA and closed strong.
Now the nearest support level is the short-term moving average - 8EMA.
The nearest resistance levels are now at 478.60, together with TRL.
It's important to note that yesterday's move was driven by strength in the semiconductor sector as well as the leadership of megacaps.
The big question for me now is which other groups of stocks the cash will flow into and whether it will flow anywhere else besides megacaps.
Now the nearest support level is the short-term moving average - 8EMA.
The nearest resistance levels are now at 478.60, together with TRL.
It's important to note that yesterday's move was driven by strength in the semiconductor sector as well as the leadership of megacaps.
The big question for me now is which other groups of stocks the cash will flow into and whether it will flow anywhere else besides megacaps.
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