In this short term bullish leg, zooming out to the monthly confirms bearish ideology. Using a Fib Retracement from most recent lows in October 2022 to ATH in December 2021, this shows we are bouncing between 50%-61.8% levels. Using these fib levels combined with supply and demand,
SPY could riSPYde this bull wave to potentially $424 (38.2% Retracement) before heading towards its bottom of $312 (1.27% Extension) and potentially $268 (1.61 Extension). While this may be a stretch for that drastic of a move, we are pretty over extended from the 200ema with heavy buying volume at $310-$330 and $240-$280. Bullish Outlook -
Using the same Fib Retracement from the Covid Lows in March 2020 to the ATH in December of 2021,
SPY has retraced to the 50% levels at $341 but has major resistance at $400-$410. One possibility is a decline to the 38.2% level ($310) before chopping between $310 and $372 before eventually breaking out to new highs at $543. Drastic changes to the economy would need to happen before this move was completed - speculating between 2-3 years potentially. 
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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.