SPY 10-Minute Chart Analysis - September 3, 2024
SPY The SPY has been trading in a well-defined range over the past few sessions, bouncing between support and resistance levels like a pinball. Right now, we’re seeing a key moment where SPY is testing the lower boundary of its trading range.Current Setup:
Resistance Zone: The upper boundary around 5,641 has consistently acted as a ceiling for SPY. Every time the price reaches this level, it gets knocked back down, indicating strong selling pressure.
Support Zone: On the other end, the support around 5,560 has held up well, with buyers stepping in to defend this level each time it’s been tested. SPY is currently hovering just above this support zone, which could be a critical area to watch.
What’s Happening Now:
SPY is testing the lower end of the range, around 5,573.91, after a sharp drop from the resistance. The price is attempting to bounce, but the question is whether this support will hold, or if we’re looking at a potential breakdown.
Key Levels to Watch:
Break Above: If SPY can gather enough momentum to push back towards the 5,641 resistance and break through it, we could see a significant move to the upside. This would signal that buyers have regained control.
Break Below: On the flip side, if SPY fails to hold above the 5,560 support, we might see a more extended decline, potentially opening the door to lower levels.
Summary: SPY is at a crucial juncture. The battle between buyers and sellers is heating up as the price hovers near the lower support of the range. Traders should keep a close eye on these levels, as a break in either direction could dictate the next significant move for SPY. Stay alert and be ready to act depending on how the market reacts in the coming sessions.
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