Here is my weekly $SPY analysis for the week of 1/9/22.
$SPY Friday broke out of this weekly trendline it has rejected since Jan 2022. However the breakout is right into a huge supply zone . We also do have some market data coming out this week so this should be good folks.
Here the supply zone I wanna trade is clear, the huge weekly supply zone that everyone is eyeing.
389.43, 392.71.
LONG:
I presume if we can build a base around the 393 area it can be a nice setup for a rally base rally even higher.
SHORT:
389.43 area is the level i'm watching for shorts. Really interested to see how we're going to react this week with the news before any swings. Just scalps for now.
The area where we stalled last week can also prove to be a nice zone of interest if we sell back into it this week
ZONE OF INTEREST/ STALL AREA:
383.36, 382.35
❓ What do you guys think? Breakout or fakeout?
$SPY Friday broke out of this weekly trendline it has rejected since Jan 2022. However the breakout is right into a huge supply zone . We also do have some market data coming out this week so this should be good folks.
Here the supply zone I wanna trade is clear, the huge weekly supply zone that everyone is eyeing.
389.43, 392.71.
LONG:
I presume if we can build a base around the 393 area it can be a nice setup for a rally base rally even higher.
SHORT:
389.43 area is the level i'm watching for shorts. Really interested to see how we're going to react this week with the news before any swings. Just scalps for now.
The area where we stalled last week can also prove to be a nice zone of interest if we sell back into it this week
ZONE OF INTEREST/ STALL AREA:
383.36, 382.35
❓ What do you guys think? Breakout or fakeout?