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SPDR S&P 500 ETF TRUST
Long

SPY Rallying to $608+. Are you ready?

129
My research suggests the SPY will quickly rally above $560 and continue higher to breach $608 (a 100% Fibonacci measured move) before the end of August.

The Q2:2024 earnings data and continued US economic strength will drive capital investments in US equities over the next 3+ months.

Traders continue highlighting the risks related to US banking issues and the related downside price concerns. I also share these concerns - but continue to follow the price action simply.

My analysis suggests the SPY will attempt to rally to levels close to $605+ before finding any major resistance.
BradMatheny
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breakoutChart PatternsESNQrallySPDR S&P 500 ETF (SPY) Trend AnalysistrendingWave Analysisym
BradMatheny
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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.