SPY - after a strong rally from the pullback in the first week in March, we have now approached an overbought level under $283. Stochastic's are over 80 showing us overbought condition, along with a pinch of the upper bollinger band on the daily chart. We also have a thick area of resistance/buyers in the low $280's from the past 6 months of price action.- All of this indicates, for a bullish move, we want a consolidation under this $283 level, while the stochastic and bollinger bands catch up to price action. A basing action under this level should signify a daily breakout to highs again.
Bears are looking for either a gap up into resistance, for a pullback to support under $280, or a fade off the low $280's for a pull back to $260-$270's.
No direction made yet just a constant grind for the last week in the market. More and more intraday longs are getting faded, also signifying market weakness, or potential short-term reversal for bulls.
SPY
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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.