SPY Technical Analysis on October 9, 2024
Price Action:
Current Price: $573.33, with a recent high of $573.78 and support at $572.69.
Trend: SPY is trading within an upward trajectory, breaking above previous resistance levels around $572, showing bullish momentum over the last trading sessions.
Key Levels:
Support:
Immediate support at $572.69.
Stronger support zone between $565.25 and $565.82, which has been tested multiple times as shown by the lower wicks in previous candles.
Resistance:
Immediate resistance at $573.78 (recent high).
Higher resistance around $576, aligning with the trendline.
Indicators:
MACD: Momentum is mixed but leaning bullish as the histogram shifts slightly upwards. However, it still indicates choppy action, suggesting potential consolidation near current levels.
Trading Plan:
For Bulls: Watch for a continuation above $573.78, targeting the $576 level as the next resistance. Entries could be made on pullbacks to support at $572.69, with stops placed below $572.
For Bears: A rejection from $573.78 could lead to a retracement toward the support zone at $565.25–$565.82. Look for a break below $572.69 to confirm a downside move.
Outlook for Tomorrow:
Bullish Bias: As long as SPY holds above $572.69, the short-term bias remains bullish. However, any failure to break above $573.78 might lead to sideways or slight bearish movements.
Disclaimer:
This analysis is based on technical data and is not financial advice. Please conduct your own research and consider risk management when trading.
