Lets take a deep dive into the SPDR S&P 500 ETF Trust (SPY) and examine its trends across weekly, 4-hour, and 1-hour charts. Using technical analysis tools and strategies, we uncover insights into how SPY is behaving on different time scales and what that might mean for traders. Whether you're new to trading or a seasoned pro, you'll find valuable insights and actionable tips in this comprehensive analysis of SPY price action.
thank you for your perspective, what thoughts do you have about IWM?
Entrenched
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@BRD1985, let me take a look and see what the chart is telling me. any timeframe in particular that your looking at?
Entrenched
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@BRD1985, the way i see IWM is there appears to be significant resistance higher up which coincides with a longer tf tl as well as a gap and gaps have a 66% chance to pull back after closing. Falling under 176 at the 200 ma puts it in a vulnerable state but as long as can hold above 174 its a good sign, but it would really need to get over the 176 imo. for the bullish run, i believe 177.40 area and above unlocks further upside. but again the upside appears limited to the red for now. important to note that the 181 area, is a higher timeframe target, which may take some time to reach,