SPY still bullish, holding both the 1D MA50 and MA100.

Last time we looked at SPY (May 01, see chart below) we gave a strong buy signal following the 1D MA100 (green trend-line) bottom and we are already well into new All Time High territory:

As you can see, the price hit the top of the short-term (dotted) Channel Up and pulled back to the 1D MA50 (blue trend-line) again. This inability to break above the Channel Up, leads us to believe that it will continue to be the dominant pattern, instead of the long-term (blue) Channel Up, and will dictate the price action higher but only gradually.

Another test of the 1D MA100 is possible under those conditions that will allow for a smooth hit on our 555.00 long-term Target.

If however the dashed line holds, it is possible to see an even more aggressive Channel Up materializing, in which case we will move our Target even higher at 580.00, in order to represent a Bullish Leg similar to January - February 2024.


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