SPY WEEKLY 5TH FEB 2024This is my analysis for SPY for this week. Make sure to DM me for any questions or doubts.
NOTE:DO NOT SHORT THE MARKET
Spyanalysis
S&P 500 INDEX SIMPLE PRICE ACTION AND LEVELS after a good week of bullish trend we have CHOC on S&P 500 chart where price making lower highs
expecting a correction about 4525 >> 4510 >> 4500
and 4480 as gap filling level to consider
Next low target for $SPY is 376.5Looking at SPY's Friday's Daily candle, it is no brainer that SPY has further downside.
The next strong support is around 376.5.
It doesn't seem likely that this support would be breached. SPY should this week touch this level or reverse very close to it like some where between 378 and 376.
Inside candle for SPY >> 397 target for week of 13th Feb 2023On weekly time frame, SPY has formed an Inside Candle. This pattern indicates there would be a downside breakout in the week of 13th Feb or the subsequent week.
If that happens, the first target would be 397.
If in the subsequent week of the breakout, the price opens around 395 or in simple words the trend continues then 382 would be second target with is a strong support.
SPYSPY Trying to sustain above the trigger line still!! Moment below 4071 could bring Havoc in the US Market, Most chances are to be occurring around Next week !
Spy Looking Week Spy Is looking week if not hold level above previous high then 3-5% downside is possible AMEX:SPY
