From a purely technical view, fundamentals aside the $900 serves as a great support zone with it:
1. Being the previous ATH before a retracement.
2.50% Pull back from the last move up (May - Nov)
3.This zone is also on a well tested up-trend line.
This current zone serves as an optimal entry long & short, given it is an area of value.
REASONS NOT TO ENTER YET:
-Sellers are still in control
-Recent Weekly/Daily Candles not showing any true bias.
-SPY potentially to go lower triggering a sort of "bank run"
Something that will show strength and a likely continuation of trend will be for price to close & stay above the daily 99MA which is the ~970 price range.
In simpler terms - price has to fill out last weeks candle.
1. Being the previous ATH before a retracement.
2.50% Pull back from the last move up (May - Nov)
3.This zone is also on a well tested up-trend line.
This current zone serves as an optimal entry long & short, given it is an area of value.
REASONS NOT TO ENTER YET:
-Sellers are still in control
-Recent Weekly/Daily Candles not showing any true bias.
-SPY potentially to go lower triggering a sort of "bank run"
Something that will show strength and a likely continuation of trend will be for price to close & stay above the daily 99MA which is the ~970 price range.
In simpler terms - price has to fill out last weeks candle.
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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.
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.