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ivanistrading
Mar 15, 2024 12:34 PM

SPY - short-term levels and scenarios 

SPDR S&P 500 ETF TRUSTArca

Description

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.

Comment

Very clean support confirmation for now
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