SPY Breakout Setup: Key Levels to Watch for 10/15/24Current Price Action:
SPY is in a strong uptrend, following a well-defined trendline on the 1-hour chart. The price has broken above the recent high at $584.71 and is showing continued bullish momentum.
Support Levels:
Immediate support at $577.66 (previous consolidation area).
Strong support at $574.52, which was previously tested multiple times and held.
Resistance Levels:
Minor resistance at $585.27 (current high).
If momentum continues, SPY could potentially move towards the $588-$590 zone.
Indicators:
MACD is slightly neutral, showing some indecision at the top, but no significant bearish divergence yet.
Volume has been steady, suggesting that buyers are still in control as long as the trendline holds.
Key Insights:
Watch for a pullback to the $577.66 level, which could provide a good buying opportunity if the trendline holds.
If SPY consolidates above $585.27, expect another leg higher with potential to reach $590.
A break below $574.52 could indicate a reversal or a deeper pullback.
Short Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research or consult with a licensed professional before making any trading decisions.
