Here's 4 powerful things to note for SPY
Here's 4 powerful things to note for $SPDR S&P 500 ETF Trust(SPY)$ and why they are extremely critical to watch out for.
1. This is big supply zone with a lot of selling pressure between $608-$612. In order for the market to go higher, sellers have to finish dumping their shares OR new buyers jump into the market with fresh catalyst or news. If we can't break this area quickly then we head back towards $600.
2. $600 level here as you can see the market always bounces off this level so there must be a big buyer here accumulating shares. This is our range. You can see many green candles holding above $600.
3. We have a common gap at $585-$590. This gap will eventually get filled most likely sooner then you think to complete the technical analysis. Most gaps will eventually close. If the market sells off it will, break down quicky to fill the gap so hold your puts overnight if we get a blood bath.
4. The big demand zone where most buyers will step into the market is from $575.55 to $580. You can see the market defends this level and bounces hard here.
Are we in a bull market? Yes, but we are range bound since Nov 5th until now. I'd argue the range from $585-$610 area. The market needs new catalyst now to get new buyers to jump into the market since they will have FOMO.
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