$SPY Analysis, Key Levels & Targets for 6.27.24

SPY Analysis, Key Levels & Targets for 6.27.24

Tomorrow’s implied move for SPY is between 542 and 549, based on options, while the 30-day average volatility suggests a wider range of 539 to 552. For Friday, the implied move is between 541 and 550. Key resistance levels are at 546-547, where resistance was seen on Monday, and then at 549, with all-time highs just above at 550.12. On the downside, the 35 EMA has been a clear resistance since last Friday’s gap down and may act as support if a follow-through occurs. The bottom of the implied move at 542 aligns with recent support. If 542 is breached, the next support is the 30-minute 200 average. For Friday, the bottom of the implied move is 541. Looking into next week, the gap from CPI, FOMC, and PPI could be tested if the 30-minute 200 average is lost, though it’s not expected to be within tomorrow’s trading range but could be in Monday’s. (This is the transcript from tonight's video for SPY 💃🏻)