Short Term Paths for SPY Moving Forward
SPY had broken well below the $525 area, which is one of the levels I consider most important. The break below was brief, despite some volatility and back and forth, bulls are still resilient as they have been all year.
For now, SPY has reclaimed 524 and has filled the gap from Monday. Currently sitting right on that gap and this week's highs. We have an ascending channel it is respecting as well, near the bottom end now. If it breaks below, I would expect a move back to ~525, if it is able to break above this week's high, I think we could see a big squeeze back up to ~542.50.
If 525 gives, next target would be Monday's low and then April's low.
For now, SPY has reclaimed 524 and has filled the gap from Monday. Currently sitting right on that gap and this week's highs. We have an ascending channel it is respecting as well, near the bottom end now. If it breaks below, I would expect a move back to ~525, if it is able to break above this week's high, I think we could see a big squeeze back up to ~542.50.
If 525 gives, next target would be Monday's low and then April's low.
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