$SPY Analysis, Key Levels & Targets for 10.23.24Alright guys, so tomorrow’s implied move is between 580 and 587, with the 35 EMA just underneath us. That’s definitely an important level to watch right away. Looking at where futures are at the moment, that level could be to the upside at open, so keep an eye on that 35 EMA. If we can get above that, our first level of resistance is 585. Aside from a quick pop to make all-time highs last week, we’ve seen 585 as a key resistance both before and after making all-time highs. If we can break above 585, the all-time high is at 612, and 587 is the top of the implied move. 588 is the top of the implied move on Thursday’s contract.
To the downside, we have 580 as the bottom of the implied move, which lines up with where we’ve seen support on both Monday and Tuesday. 578 is the bottom of the implied move for Thursday’s contract, and underneath both day’s trading ranges, we have the 30-minute 200 MA waiting to catch us if we drop. Just one more level below that, we have 579.5, another support level we saw last week. So if we do drop, I’d likely be looking at 579-578 for bull spreads.
