SPY Technical Analysis Oct. 28, 2024
Detailed Support and Resistance Levels
Support Levels:
574.36: This is a crucial support level. If SPY stays above this level, it may serve as a solid base. If it breaks below, expect further downward pressure.
571.35: This is the next key support level. A break below this could indicate a stronger downtrend, potentially bringing SPY down to lower price ranges.
Resistance Levels:
577.75: This is the immediate resistance SPY would need to break to regain bullish momentum. If SPY can close above this level, it could show buyers are stepping in.
579.24: This level will be a strong resistance point if SPY attempts to break upward. A successful close above this would suggest a short-term reversal.
581.16: If SPY breaks through previous resistance levels and trades above this one, it may confirm a reversal and could serve as a potential exit for bullish positions.
Entry and Exit Points
Bullish Scenario (if SPY breaks resistance):
Entry: Consider entering a long position around 578 if SPY breaks above 577.75 with strong buying volume.
Exit: Set an initial profit target at 581 (near the next resistance), with a potential higher exit target at 585 if momentum continues upward.
Stop Loss: Place a stop loss slightly below the 577.75 resistance (around 576) to limit downside risk.
Bearish Scenario (if SPY breaks support):
Entry: Consider entering a short position around 574 if SPY breaks below 574.36 with strong selling volume.
Exit: Set an initial target at 571 for a quick scalp. If SPY moves further down, consider a final target near 568.
Stop Loss: Place a stop loss slightly above 574.36 (around 575.5) to prevent excessive losses in case of a quick rebound.
Neutral Scenario (Range-bound play):
If SPY remains between 574.36 and 577.75, it may be suitable for quick, range-bound trades. Buy near support (574.36) and sell near resistance (577.75) with tight stops to manage risk.
Summary Strategy
Bullish bias: Enter around 578, targeting 581 or 585.
Bearish bias: Enter around 574, targeting 571 or 568.
Range-bound play: Trade between 574.36 and 577.75 for quick scalps if no breakout occurs.
Disclaimer: This analysis is for informational purposes only and is not financial advice. Market conditions are volatile, and trading involves risk. Always consult with a financial advisor before making any trades.
Support Levels:
574.36: This is a crucial support level. If SPY stays above this level, it may serve as a solid base. If it breaks below, expect further downward pressure.
571.35: This is the next key support level. A break below this could indicate a stronger downtrend, potentially bringing SPY down to lower price ranges.
Resistance Levels:
577.75: This is the immediate resistance SPY would need to break to regain bullish momentum. If SPY can close above this level, it could show buyers are stepping in.
579.24: This level will be a strong resistance point if SPY attempts to break upward. A successful close above this would suggest a short-term reversal.
581.16: If SPY breaks through previous resistance levels and trades above this one, it may confirm a reversal and could serve as a potential exit for bullish positions.
Entry and Exit Points
Bullish Scenario (if SPY breaks resistance):
Entry: Consider entering a long position around 578 if SPY breaks above 577.75 with strong buying volume.
Exit: Set an initial profit target at 581 (near the next resistance), with a potential higher exit target at 585 if momentum continues upward.
Stop Loss: Place a stop loss slightly below the 577.75 resistance (around 576) to limit downside risk.
Bearish Scenario (if SPY breaks support):
Entry: Consider entering a short position around 574 if SPY breaks below 574.36 with strong selling volume.
Exit: Set an initial target at 571 for a quick scalp. If SPY moves further down, consider a final target near 568.
Stop Loss: Place a stop loss slightly above 574.36 (around 575.5) to prevent excessive losses in case of a quick rebound.
Neutral Scenario (Range-bound play):
If SPY remains between 574.36 and 577.75, it may be suitable for quick, range-bound trades. Buy near support (574.36) and sell near resistance (577.75) with tight stops to manage risk.
Summary Strategy
Bullish bias: Enter around 578, targeting 581 or 585.
Bearish bias: Enter around 574, targeting 571 or 568.
Range-bound play: Trade between 574.36 and 577.75 for quick scalps if no breakout occurs.
Disclaimer: This analysis is for informational purposes only and is not financial advice. Market conditions are volatile, and trading involves risk. Always consult with a financial advisor before making any trades.
Note
Resistance: Watch for a break above $582.80. If this level holds, SPY could reach towards $584.
Support: If SPY drops below $581.24, it may continue down to $580 or lower.
Indicators: Low pre-market volume suggests indecisiveness. Look for volume spikes around these levels for stronger directional clues.
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.
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.