SPY - short-term levels and scenarios
I see 8EMA held well lately, which is certainly a confirmation of strength. Yesterday we saw the third touch in the last few weeks. Also, we can clearly identify the upward trendline, which is support at the moment.
I see several scenarios here:
1. The price loses 8EMA support and breaks through the trendline support. In this case, the next stop could be 21EMA, which is aligned with support levels ~508.
2. Price shows strength and makes an attempt to break the high. I would consider a small price stop around 517-518 before the breakout.
I see several scenarios here:
1. The price loses 8EMA support and breaks through the trendline support. In this case, the next stop could be 21EMA, which is aligned with support levels ~508.
2. Price shows strength and makes an attempt to break the high. I would consider a small price stop around 517-518 before the breakout.
Comment:
Very clean support confirmation for now