AspenTrading

I'd Be Leaning Into The ~$437.58 Resistance Level

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY / S&P 500 looks vulnerable with decent upside resistance.

There are four sets of support and resistance levels that are displayed by Aspen Trading’s S/R Analysis Tool. Each one is unique to a specified period of time that we then display directly on the chart. The levels are classified as follows

GREEN: displays 2 solid lines (upper/lower)
ORANGE: displays 2 lines (upper/lower)
RED: displays 2 lines (upper/lower)
PURPLE: displays 2 lines (upper/lower)

IMPORTANT: These lines will change/adjust until the end of the specified observation period is complete.

Once the observation period is complete, that range will then be displayed on the chart as a set of dotted lines that is shaded in to serve as a reference point for traders to know the key levels from the prior lookback period. This can often be very helpful.

What’s the distinction between the 4 color levels?

Essentially think of these levels on a rising scale of importance. While GREEN levels are certainly key, they do not hold the same level of significance as the PURPLE levels.