Community MemberRajeev
Community Member
Tracks posted an update 2 years ago
The move yesterday on SPY made a higher high as it now sits around some primary resistance at 433.75. Although mid timeframes may need to recycle, the next targets up are 436.35, 437.80 and then 444. At this point it could fall back to 422 and still be bullish. Support levels below are 429.75, 427.70 and 425.75.
Mid level timeframes are…
Tracks posted an update 2 years ago
SPY continued up this morning as mids carried primary timeframes into bullish cycles, as discussed yesterday. The gap up this morning gets SPY to the 430 target (which was 428 yesterday). If the Feds continue with the 0.25 interest rate hike and don’t change any plans, I expect the market to continue up (Also barring bad news from…
Tracks posted an update 2 years ago
As Powell started speaking yesterday, the market got a pop which lead to a day long melt up. SPY is back in the 439 area, where we have been anticipating resistance. However, now it has more support and confirmation from high timeframes, so don’t let your emotions lock you in to thinking it MUST go down. Key levels to watch are 440-441. …
Tracks posted an update 2 years ago
SPY spent the last two days of last week pulling back up after hitting new lows. Based on fib retracement, the 439 area is idea for it to reject and make a new leg down. It hit that area Friday afternoon, and we are gapping down this morning, however I’m cautious about this movement for now. Today is the end of the month, and that may come…
Tracks posted an update 2 years ago
Folks, the word today is caution. Things could be very volatile today and there is no shame in sitting out if you don’t feel comfortable. Certainly do not force trades today. Overall trend for SPY is obviously still bearish, but anything could happen after this tremendous dip. I’ll once again be watching secondary and mid level timeframes…
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