SPY - can this rally extend to the upside?
As always, everything is possible. Just some important levels on chart for you to have in mind.
Short term and medium term uptrend, long term downtrend.
If we break the trendline I believe this rally could catch some further steam.
Risk here comes from trendline and 200 MA resistance. If we secure price above VCOP, this could be low risk trade to the upside with PT at - 410, 413, 430+, 437.
We also have price and MACD divergence.
Grey line is AVWAP from ATH and October low. Volume profile is also drawn on this chart.
Short term and medium term uptrend, long term downtrend.
If we break the trendline I believe this rally could catch some further steam.
Risk here comes from trendline and 200 MA resistance. If we secure price above VCOP, this could be low risk trade to the upside with PT at - 410, 413, 430+, 437.
We also have price and MACD divergence.
Grey line is AVWAP from ATH and October low. Volume profile is also drawn on this chart.
Note
First profit target reached. Let's see if it can hold 410. Next target 413 and than 418 where I expect more resistance (AVWAP from ATH) if we go that far out. :-)
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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.