SPY - Is the current bullishness unexpected?
$SPDR S&P 500 ETF Trust(SPY)$ - Technical analysis assesses potential future price movements by studying historical price action. Is the current bullishness unexpected?
No; if you study V-shaped recoveries, you can be prepared.
Using support and resistance levels is the best approach, and yesterday's action proved it: $667.8 for the SPY, $602.2 for the $ $Invesco QQQ(QQQ)$ , and even $244.4 for the $iShares Russell 2000 ETF(IWM)$ all weekly levels acted as support areas.
Until those levels are breached, no potential reversal will be confirmed this week. For now let's keep an eye on the upper band, and on $674, which is a resistance that if flipped to support, $678 would have to be considered. I doubt so, unless the $Cboe Volatility Index(VIX)$ falls below 15.
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
