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?.
Follow for regular trade insights, ideas and more.
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.
SPY analysisSpy report for Monday
Pushing or opening above 391.49 will go to 394.73 if the price closes above 394.73 prices will shoot to 402.79
breaking 385.26 prices will shoot to 379.58 and closing below 379.58 prices can reach 368.29
closing under 363.94 market will collapse that is IF WE DO
then we are looking @ 290 to 295 on SPY for Final Target.
SPY S&P 500 ETF Price PredictionOn March 7th we have the Fed Chair Powell Testimony, that could reveal that the FOMC is going to hike the interest rates for a longer period of time, and maybe give us a clue if it`s the case for a 50bps increase after the next meeting.
On March 10th we have the Non Farm Payrolls and Unemployment Rate that could also fuel a potential 50bps hike if they come better than expected.
In this context, my price target for SPY is $386 by Mid-April.
Looking forward to read your opinion about it.
$SPY PUTS If we held above $400 it would signal a larger move up. Likelihood of that happening is quite low in my opinion. With a big week of low expected earnings, possible negative news coming from Powell, and many companies looking lacklustre with weak guidance, I expect that we can see a strong rejection of the $400 level.
Closed one put already from $399 to $396 and will gradually re-open a few Puts for March/April expiration between $397-$399
Looking for a TP level around $370 or at the .618 fib line. Not because it would be a bottom, but a good level to take profit as we approach expiration and where we might see a possible bounce.
Stop loss would be $400 as I don't expect us to head back above this level. However, if we do, the risk/reward ratio is worth it.
Good luck everyone.