Week of 1/30: SPY Supply and Demand Levels
Updated
I'm expecting a retest of supply around $407-$408.20. Otherwise, I'll be expecting a retest of the broken $403-$404 supply. If we start to reject and stay under this 2nd level, I'll be waiting for $400.
If we can hold and break above $408.60 next week, I think the next stop is to retest $410, where we are likely to face some strong resistance.
Left Chart Indicators:
- 9 SMA: Yellow
- 200 SMA: Red
- VWAP: Blue
Right Chart Indicators:
- 9 SMA: Yellow
- 50 SMA: Green
- VWAP: Blue
If we can hold and break above $408.60 next week, I think the next stop is to retest $410, where we are likely to face some strong resistance.
Left Chart Indicators:
- 9 SMA: Yellow
- 200 SMA: Red
- VWAP: Blue
Right Chart Indicators:
- 9 SMA: Yellow
- 50 SMA: Green
- VWAP: Blue
Note
Left side is 15m and right is 1h chart.
Money really does grow on trees.
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