$SPY Outlook for OCT 21, 2024

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SPY headed into this week is an inside bar / 1 / harami.

Means an explosive move is coming.

Got a 2-1-2 going into Monday.

The overall market structure is still bullish with higher lows and higher highs.

There's no real catalyst 'yet' for a big bearish move.

I'd watch how Sunday night's global opens and see what transpires during the London session of ES NNQ

There still a GAP downside that was not completely filled last week.

#SPY is in this rising wedge pattern and been respecting the TL (Green/Red).

The pivot for SPY will be 583.99 - 584.55.

If the bulls hold above that, you will see 585.39 get taken and then potentially 586.12. Failure by the bears to stop the move up and 587/587.35/588 will be on the path.

If the bears take control and break the pivot zone, then you will see 583.67 / 583.2 / 582.6 / 582.33 and 581.82 / 581.5 / 580.9

Market Structure starts to change with a break of 582.16.

A true MSS comes at 565 break.

Keep in mind, there is a divergence between QQQ and SPY

This is NOT FINANCIAL ADVISE!

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