Looking at this SPY daily chart, I’m seeing some promising signs for a potential bullish reversal. Here’s what I’m focusing on:
Key Levels:
Support at $542: The price recently bounced off a significant support zone around $542, which also aligns with a long-term upward trendline that has held multiple times in the past (marked by the orange circles). This suggests strong buyer interest in this area.
Resistance at $564.78: If the bullish momentum continues, the first significant target is around the $564.78 resistance. This has been a major resistance area previously and would be the next hurdle for the bulls.
What I Expect:
Potential Bounce: Given the bounce off the trendline and support zone, I expect SPY to test the $548 - $550 region next. A successful break above this could lead to a move towards $564.78.
Trendline Strength: The upward trendline has held multiple times, as shown by the previous touches, indicating that buyers continue to defend this level. If we stay above this line, the bullish case strengthens.
Final Thoughts:
The chart is indicating that SPY could be gearing up for a bounce, especially if it holds above the $542 support. I’ll be closely watching how the price reacts around $548 and whether it can break higher toward $564.78. If the trendline continues to hold, we may see a continuation of the broader uptrend.
Key Levels:
Support at $542: The price recently bounced off a significant support zone around $542, which also aligns with a long-term upward trendline that has held multiple times in the past (marked by the orange circles). This suggests strong buyer interest in this area.
Resistance at $564.78: If the bullish momentum continues, the first significant target is around the $564.78 resistance. This has been a major resistance area previously and would be the next hurdle for the bulls.
What I Expect:
Potential Bounce: Given the bounce off the trendline and support zone, I expect SPY to test the $548 - $550 region next. A successful break above this could lead to a move towards $564.78.
Trendline Strength: The upward trendline has held multiple times, as shown by the previous touches, indicating that buyers continue to defend this level. If we stay above this line, the bullish case strengthens.
Final Thoughts:
The chart is indicating that SPY could be gearing up for a bounce, especially if it holds above the $542 support. I’ll be closely watching how the price reacts around $548 and whether it can break higher toward $564.78. If the trendline continues to hold, we may see a continuation of the broader uptrend.
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