SPDR S&P 500 ETF TRUSTSingkat
$SPY Approaching Confluence of Resistance
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While most analysts and stock gurus seem to be looking to 390 as the end-point for this little bear market rally we are seeing, I am looking for resistance the 50% channel retracement level ( dotted green line - 379.5 and falling) of the 2022 macro move to the downside (all-containing 2022 downtrend channel), and resistance at the 381 level (ascending red channel, drawn from the 2020 low to June 17th Swing-low).
A break above 381, and confirmation of the yellow channel would be a bullish scenario, at least short-term.
A definitive rejection at the 50% retracement level could quickly send us back to the 374 level, or lower.
Note - The ascending gold channel and Green channel from the pandemic lows are included in this chart to show how these rays, drawn from the 2020 low, have become support/resistance points.
A break above 381, and confirmation of the yellow channel would be a bullish scenario, at least short-term.
A definitive rejection at the 50% retracement level could quickly send us back to the 374 level, or lower.
Note - The ascending gold channel and Green channel from the pandemic lows are included in this chart to show how these rays, drawn from the 2020 low, have become support/resistance points.
Nota
EDIT: The red channel is the channel of interest for the break above 381Nota
Looking back at June run-up, this one looks eerily similar... Which could lead to the next confluence of resistance at that 390 level... The 61.8% Retracement level AND big-time price action resistance.
Penafian
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