$SPY at 50% retracement 2023 Range
SPY is currently trading just above the exact middle of the 2023 price range (398.07).
This will be an important level to watch tomorrow as we close the second month of the trading year.
Something else to consider is support from 396.75 to 397.25, which would correspond with the 50-day SMA (Red SMA)and the top of the range for the highest volume trading day of the year thus far, which was last Friday (Green shaded area).
Possible upside may be in the 403 range, which would correspond with the 38.2% fib retracement level of the 2023 move/range.
This will be an important level to watch tomorrow as we close the second month of the trading year.
Something else to consider is support from 396.75 to 397.25, which would correspond with the 50-day SMA (Red SMA)and the top of the range for the highest volume trading day of the year thus far, which was last Friday (Green shaded area).
Possible upside may be in the 403 range, which would correspond with the 38.2% fib retracement level of the 2023 move/range.
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