Technical Analysis & Price Action
* Trend Overview: SPY is in a steady uptrend, hitting $607.91 intraday, with a narrowing rising wedge pattern forming. The price is testing resistance, and volume remains consistent, indicating active participation.
* Support Levels:
* $604.63: Immediate support for pullbacks within the wedge.
* $602.32: Key pivot point, aligning with recent consolidation zones.
* $597.25: A strong support area, breaching this level could shift sentiment.
* Resistance Levels:
* $607.91: Immediate resistance; a breakout could drive momentum toward $610+.
* $610.50–$612: Major resistance zone for profit-taking or potential rejection.
Liquidity Zones & Order Blocks
* Liquidity Zone: $604–$606, high activity zone acting as both support and resistance.
* Order Block: $607–$609, significant recent buying activity suggests this area needs to be monitored for breakout confirmation.
Scalping Playbook
1. Bullish Setup:
* Entry: Above $608 on volume spike and breakout confirmation.
* Target: $610 (partial) and $612.
* Stop Loss: Below $606.
2. Bearish Setup:
* Entry: Below $604.50 with high selling pressure.
* Target: $602.50 and $600.
* Stop Loss: Above $606.
Swing Trade Strategy
1. Bullish Swing:
* Entry: Close above $608 with strong continuation signals.
* Target: $612 (short-term) and $615 (medium-term).
* Stop Loss: $605.
2. Bearish Swing:
* Entry: Close below $602 with significant volume.
* Target: $597 and $595.
* Stop Loss: $605.
Thoughts & Projections
* SPY is showing signs of slowing momentum as MACD histograms weaken, signaling potential consolidation or a pullback.
* A breakout above $608 could fuel bullish sentiment, but watch for rejection near $610 due to rising wedge dynamics.
* If SPY breaks below $604, bearish sentiment may intensify, targeting $602 and lower.
Disclaimer: This analysis is for educational purposes only and not financial advice. Always perform your due diligence and practice proper risk management.
* Trend Overview: SPY is in a steady uptrend, hitting $607.91 intraday, with a narrowing rising wedge pattern forming. The price is testing resistance, and volume remains consistent, indicating active participation.
* Support Levels:
* $604.63: Immediate support for pullbacks within the wedge.
* $602.32: Key pivot point, aligning with recent consolidation zones.
* $597.25: A strong support area, breaching this level could shift sentiment.
* Resistance Levels:
* $607.91: Immediate resistance; a breakout could drive momentum toward $610+.
* $610.50–$612: Major resistance zone for profit-taking or potential rejection.
Liquidity Zones & Order Blocks
* Liquidity Zone: $604–$606, high activity zone acting as both support and resistance.
* Order Block: $607–$609, significant recent buying activity suggests this area needs to be monitored for breakout confirmation.
Scalping Playbook
1. Bullish Setup:
* Entry: Above $608 on volume spike and breakout confirmation.
* Target: $610 (partial) and $612.
* Stop Loss: Below $606.
2. Bearish Setup:
* Entry: Below $604.50 with high selling pressure.
* Target: $602.50 and $600.
* Stop Loss: Above $606.
Swing Trade Strategy
1. Bullish Swing:
* Entry: Close above $608 with strong continuation signals.
* Target: $612 (short-term) and $615 (medium-term).
* Stop Loss: $605.
2. Bearish Swing:
* Entry: Close below $602 with significant volume.
* Target: $597 and $595.
* Stop Loss: $605.
Thoughts & Projections
* SPY is showing signs of slowing momentum as MACD histograms weaken, signaling potential consolidation or a pullback.
* A breakout above $608 could fuel bullish sentiment, but watch for rejection near $610 due to rising wedge dynamics.
* If SPY breaks below $604, bearish sentiment may intensify, targeting $602 and lower.
Disclaimer: This analysis is for educational purposes only and not financial advice. Always perform your due diligence and practice proper risk management.
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.