SPY Major supports
These are major support levels calculated from each major pivot since inception of the index. Keep these levels in mind because a sustained close below these levels will justify a move to the next one.
The methodology is 'secretive' so to speak but essentially it takes the average price from an entire move (from one pivot to the next)
Any sustained close below that 258 level is incredibly ominous for our markets because we're over 2 standard deviations from the 2009 trend. At that point we can officially declare the uptrend 'over'. At these current levels the highest probability is a retest of 211.
Stay safe.
The methodology is 'secretive' so to speak but essentially it takes the average price from an entire move (from one pivot to the next)
Any sustained close below that 258 level is incredibly ominous for our markets because we're over 2 standard deviations from the 2009 trend. At that point we can officially declare the uptrend 'over'. At these current levels the highest probability is a retest of 211.
Stay safe.
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.