SPY: Waiting for Debt Ceiling Deal, Bull Run Ahead?
Updated
The SPY Trust, officially known as the SPDR S&P 500 Trust ETF, is an exchange-traded fund designed to replicate the performance of the esteemed S&P 500 Index. Comprising 500 prominent U.S. large-cap stocks across diverse sectors, the S&P 500 Index serves as a widely recognized benchmark within the financial industry. By analyzing the chart's price movement, we could forecast the stocks' overall direction.
*Technical Analysis*
The Breakout of the Bearish Trendline is an early sign of trend reversal. Then,
SPY continues moving above the EMA200/ in the bullish trend. The recent breakout of the ascending triangle pattern confirmed a potential upside movement. The momentum indicator made a golden cross, signifying a possible bull run to the target area.
*Discussion Over the Debt Ceiling (Fundamental Drives)*
1. Due to the looming deadline, President Biden and prominent Democratic leaders in Congress have temporarily abandoned their insistence on raising the debt limit without any conditions attached. Instead, they are now considering a bipartisan agreement that would address both spending and certain policy matters. This is a position that Republican Representative McCarthy believes the Democrats should have adopted several months ago.
2. Furthermore, President Biden and congressional leaders have expressed some positive signs regarding the possibility of reaching an agreement. However, they have also acknowledged that there is still a significant distance to cover in order to prevent a situation where the government is unable to meet its financial obligations, which could happen as early as June 1st.
The roadmap will be invalid after reaching the target/support area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the SPY"
*Technical Analysis*
The Breakout of the Bearish Trendline is an early sign of trend reversal. Then,
SPY continues moving above the EMA200/ in the bullish trend. The recent breakout of the ascending triangle pattern confirmed a potential upside movement. The momentum indicator made a golden cross, signifying a possible bull run to the target area.*Discussion Over the Debt Ceiling (Fundamental Drives)*
1. Due to the looming deadline, President Biden and prominent Democratic leaders in Congress have temporarily abandoned their insistence on raising the debt limit without any conditions attached. Instead, they are now considering a bipartisan agreement that would address both spending and certain policy matters. This is a position that Republican Representative McCarthy believes the Democrats should have adopted several months ago.
2. Furthermore, President Biden and congressional leaders have expressed some positive signs regarding the possibility of reaching an agreement. However, they have also acknowledged that there is still a significant distance to cover in order to prevent a situation where the government is unable to meet its financial obligations, which could happen as early as June 1st.
The roadmap will be invalid after reaching the target/support area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the SPY"
Note
The Breakout of the historical resistance or the blue zone was confirmed yesterday. Strong Bull Momentum Ahead?
Note
-in line with our expectations.-SPY reached the retracement area as we expected to be
Note
Easing Core Inflation and Inflation Rate Data Drive SPY to move upward even more!Trade closed: target reached
After Waiting For Several Months, Finally it hit the first target :D
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