SPDR S&P 500 ETF TRUSTUpdated SPY likely to "cool down"
With a new high, the recent volatile drop, and low Put to Call ratio, I think SPY will drop and bounce back. To what point? This is likely to happen at one of the support/resistance lines on my chart. My best guess is $380 or $377. Keep an eye out!
Note
It dropped! Now what? It could continue to sell off. However, I am certain this is unlikely and it will rise and stay within the bounds I have designated. Why am I sure of this? The stock is only correcting because of earnings or feds decision to keep low interest rates or both. The market will continue to rise from this low as investors look optimistic about future prospects of the market given the current administration.
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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.