SPY has surged in a strong V-shaped recovery from the March low of ~480 to testing major resistance around 595–600. The daily chart shows sustained higher highs and higher lows, but price now stalls at a key supply zone with multiple doji candles—signaling indecision. A rising trendline provides strong support near 570.
Zooming into the 60-minute chart, SPY forms an ascending triangle with flat resistance at 590 and rising support from 584. Volume contraction suggests accumulation, priming a potential breakout. A 60-min close above 590 targets 596, with a stop under 588.
On the 15-minute timeframe, bull-flags form frequently after morning gaps, with breakouts typically launching 4–5 points higher. VWAP and the 20-MA converge near 588.5, making it an ideal pullback entry zone.
Strategy for May 19–23:
Long on a clean breakout above 590 (target: 594–596)
Stop under 587.5–588
Caution if daily closes below 570
Expect early-week upside tests of 590–594, followed by a potential breakout toward 595–600. If a high-volume rejection occurs near that zone, a quick scalp-short may be in play.
Zooming into the 60-minute chart, SPY forms an ascending triangle with flat resistance at 590 and rising support from 584. Volume contraction suggests accumulation, priming a potential breakout. A 60-min close above 590 targets 596, with a stop under 588.
On the 15-minute timeframe, bull-flags form frequently after morning gaps, with breakouts typically launching 4–5 points higher. VWAP and the 20-MA converge near 588.5, making it an ideal pullback entry zone.
Strategy for May 19–23:
Long on a clean breakout above 590 (target: 594–596)
Stop under 587.5–588
Caution if daily closes below 570
Expect early-week upside tests of 590–594, followed by a potential breakout toward 595–600. If a high-volume rejection occurs near that zone, a quick scalp-short may be in play.
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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.