SPY in the Red: $695 Resistance, $687–$684 Support in Focus

Michael Esther
01-31

$SPDR S&P 500 ETF Trust(SPY)$ is RED for and here's how I'd play it:

New Fed Chairman Kevin Warsh is less supportive of deeper rate cuts meaning he is LESS dovish even Jerome Powell. Market doesn't like it.

This moved gold prices down and USD up.

Make sure to (click on chart to review it)

SPY key levels right now are at $687 and at $684-$685 area and SPY daily chart 20SMA is at $689.99 so this is also a big level of support.

The SPY will have to clear above yesterday's close at $695 if it wants to go higher today and rememeber premarket high is at $692.70.

Yes, you will need to draw all these levels because at some point today they will act as support or resistance.

I'd wait for confirmation always:

1. buyers to come in

2. sellers to fail

before getting into every scalp or swing. 2 things must always happen before you get in.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

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.

Report

Comment（1）

  • Top
  • Latest