It is always amazing to see how the market ends up being at extremely important technical levels into big weeks like the week coming up. SPY is trading at the previous support zone from before the bear market started which ended up being a reversal zone in August and price is now here again. With CPI data, the FOMC decision, and OPEX into the end of the week, this...
So far this week, there has been a strong upside move, breaking the long-term resistance trendline that originates from March '22. If the weekly candle can close above this level, watching for a test of the March '22 pivot VWAP currently at the HKEX:32 area.
Price is nearing the all-time high anchored VWAP but not out of the woods until a break of the top of the band which is right at HKEX:2 ,300 currently. For a true breakout, watching a weekly close above the top of the band.
Previous resistance has flipped to support over the last week as price finally closed above the range that has formed over the last 5 days. A close above the April 4th highs could trigger a larger and more aggressive move up to the $348.50 gap above.
Nice bounce off the volume shelf the last two days with the right shoulder of the inverse head and shoulders forming and the price gap that fills above at $181.28 and the swing high anchored VWAP right around $180.50.