For tomorrow's SPY Technical Analyst (October 3, 2024)
The market sentiment is leaning towards bearish following recent weakness due to a slight pullback in the broader market. Currently, SPY is trading around $568 with some volatility.
Technical Analysis:
Support Levels: Immediate support is seen around $565, which was tested recently. If it breaks below this, $560 could be the next significant support level.
Resistance Levels: On the upside, resistance is around $570, which also aligns with where sellers have been active. Breaking above this level could target the next zone around $574.
Price Action & Trend: There seems to be consolidation between $565 and $570. A move above $570 could indicate bullish continuation, while a drop below $565 may signal further downside(
markets.businessinsider.com).
Entry/Exit Points:
Potential Entry: Look for a bounce off $565 for a long position, but watch for confirmation of a strong support hold (e.g., candlestick patterns like a bullish engulfing on the 1-hour chart).
Potential Exit: If going long, target $570 and then $574. For shorts, breaking below $565 could aim for $560 as an exit target.
Risk Management: Keep stop losses tight around $562 to minimize downside risks if the market moves against your position.
Technical Analysis:
Support Levels: Immediate support is seen around $565, which was tested recently. If it breaks below this, $560 could be the next significant support level.
Resistance Levels: On the upside, resistance is around $570, which also aligns with where sellers have been active. Breaking above this level could target the next zone around $574.
Price Action & Trend: There seems to be consolidation between $565 and $570. A move above $570 could indicate bullish continuation, while a drop below $565 may signal further downside(
markets.businessinsider.com).
Entry/Exit Points:
Potential Entry: Look for a bounce off $565 for a long position, but watch for confirmation of a strong support hold (e.g., candlestick patterns like a bullish engulfing on the 1-hour chart).
Potential Exit: If going long, target $570 and then $574. For shorts, breaking below $565 could aim for $560 as an exit target.
Risk Management: Keep stop losses tight around $562 to minimize downside risks if the market moves against your position.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.