- Key Insights: The current bearish trend in SPY suggests a cautious approach
for traders. With the SPY closing below critical support levels and
exhibiting patterns of weakness, market participants may want to consider
short positions, particularly if SPY continues to struggle at resistance
levels. Close monitoring of the support zones will be vital in assessing
subsequent moves.
- Price Targets:
- Next week targets:
T1: 594
T2: 590
- Stop levels:
S1: 598
S2: 601
- Recent Performance: SPY has shown a significant decline, recently closing at
601.82 after a notable drop. This continued downward movement signifies a
lack of buyer interest as bearish patterns persist. Market volatility has
spooked investors as SPY faced increased selling pressure, resulting in
lower closes both daily and weekly.
- Expert Analysis: Market sentiment is predominantly cautious due to the
prevailing bearish patterns. While some positive technical indicators have
emerged, expert opinions converge on the view that unless SPY can reclaim
vital price points above 603, further declines seem likely. Analysts advise
maintaining a disciplined approach to trading given the current landscape of
uncertainty.
- News Impact: Recent unscheduled news from China has exacerbated market
volatility, prompting considerable sell-offs in major indices including SPY.
Rising bond yields further complicate the situation as they add to market
pressures. Earnings reports from major companies such as Apple will be
closely watched as they could significantly influence SPY's direction in the
upcoming sessions.
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.
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.