$SPY Market top playing outAs I've mentioned in my previous analysis, I believe we're at a market top (Despite Tom Lee calling for new highs).
There's nothing positive for markets looking forward, therefore I think markets will finally price in all of the raise hikes and the poor economy.
I think we may see one more high, however, if we do, I believe it'll result in a rug pull. I think the FOMC meeting tomorrow will largely be bullish for markets, but then after that, Thursday, Friday or into early next week, we'll see the market reverse.
I'm looking for the move to hit the targets laid out on the charts.
$412, $397 or $393 as the bottom. With hindsight, I think the move will mark the top of the market and we'll continue much lower. Bear market continuation targets shared here.
Let's see if it plays out.
Spyforcast
S&P 500, 6/23/23For Friday, 4467.50 can contain session strength, below which the market remains the defensive into next week, possibly yielding 4257.50 over the next 2 - 3 weeks.
Downside Friday, 4416.00 can contain intraday weakness, while breaking/opening below 4416.00 allows 4357.75 intraday, where the market can place a daily low.
A settlement today below 4357.75 signals 4299.50 on Monday, 4257.50 by the end of next week, likely contain weekly selling pressures when tested, possibly into later July.
Upside Friday, pushing/opening above 4467.50 allows 4509.00 intraday, able to contain buying through next week and below which 4257.50 is attainable over the next several weeks.
Inversely, a daily settlement above 4509.00 will keep the longer-term objective at 4616.50 in reach over the next several weeks.
NVDA $400 Psychological Support | SPY & QQQ Support & Resistance- AVGO blow of top, Earnings report Thursday
- NVDA broke 1 trillion dollar today which sucked in some new buyers then it came back below it, now has 400 psychological support
- SPY rising wedge is still my support & resistance visual guide
- QQQ potential monthly resistance at 0.618 fib retracement
Nice move up caught on the S&PHey traders!
So here you will see this bullish candle where the blue arrow is pointed on the 4h chart on the S&P, this trade made an easy $15,700 with a more aggressive risk of 10% of capital but with basically 0% drawdown.
My team and i noticed something big about this candle that 90% of traders miss and i mean big! especially if you trade options. Did you notice what was going on with this candle that was so big?.
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Stock Market Weekly Outlook | Rising Wedge Volatility coming |- QQQ Rising wedge pattern about to break soon
- QQQ bulls still in full control on daily chart daily uptrend intact
- QQQ needs to break May 9th pivot low for us to go from up trend to neutral trend
- Does XLF XLE sector join team bull when QQQ pulls back or they all pull back together?
- Size of the QQQ pull back will be most key for me next week if QQQ can hold above May 9th pivot low and bounce we can potentially head for 330 level.
Current daily channel on spy hope it helps you understand the current volatility rnage of the asset.
keep in mind that he can change profiles quite easily (a good indication of this is a sudden increase in "speed" and volume).
I personally like the idea of looking for entries with confirmation at the bottom (aimed at the top of the channel), but also gives an idea of the area where more attention is needed
SPY is Doing ABC Medium Term CorrectionTechnical Analysis:
- As you can see in the chart, SPY is doing a short term wave 3 in red
- We expect that it will extend lower to finish correction around $300 ~$310 in the orange circle to complete the ABC correction of the wave II in red
- H1 & H4 Right Side is Turning Down
Technical Information:
- SPY is a ETF and it has a very strong correlation with SPX Indices
Daily SPY technical analysisSpy today if open or push 396.42 then we can find buy / long and take profit at 401.38 but if the market opens below 396.42 then we can sell at market and take profit must be 391.44. all two scenario stop losses have to be $1 for each change of entry-level. If the market break 391.44 then the next level of support is 387.27.
SPY S&P 500 ETF Analysis Monday, March 20th, 2023Trade Idea
We have three short/ sell points 388.55, 386.41 and 386.41. If we sell / short entry from 388.55 then the stops loss must be 389.99 points. if our entry from 387.29 level stop loss level maybe 387.77. our last trade entry point is 386.41 level and this level stops loss is 387.04. Our take profit zone is 383.69 and 380.69. If the market breaks 383.69 support level then the next target is 380.69.