SPY - What will happen this week?!?!?
SPY is caught in between a bunch of zones, Support and Resistance levels. SPY could go either way but I am Bullish based off the pattern on the Daily/Weekly chart.
LONG: SPY could push higher in premarket and move north hitting key zones. NOTE: Watch volume, indicators - if you use them - and make sure to trail your stop losses.
If SPY bounces off the 413.58-87 zone, we could see it touch 414.79-415.08 (This was the zone that SPY hit on Friday and rejected down to 410. If SPY pushes through this zone, we could touch 415.42-70 and then 416.12 on a higher zone touch.
SHORT: SPY could push down again, touching the 411 zones, 410 zones and lowest touching would be the 406 zone again. If SPY bounces up and touches the 414.79-415.08, it could reject again just like Friday of last week. Watch volume, indicators and candles for rejection.
NEWS: We will start earnings this week, with NFLX on 04/18/2023 and TSLA on 4/19/2023.
No major News releases regarding the economy this week, but always keep an eye out for news, stock news and other influential information.
LONG: SPY could push higher in premarket and move north hitting key zones. NOTE: Watch volume, indicators - if you use them - and make sure to trail your stop losses.
If SPY bounces off the 413.58-87 zone, we could see it touch 414.79-415.08 (This was the zone that SPY hit on Friday and rejected down to 410. If SPY pushes through this zone, we could touch 415.42-70 and then 416.12 on a higher zone touch.
SHORT: SPY could push down again, touching the 411 zones, 410 zones and lowest touching would be the 406 zone again. If SPY bounces up and touches the 414.79-415.08, it could reject again just like Friday of last week. Watch volume, indicators and candles for rejection.
NEWS: We will start earnings this week, with NFLX on 04/18/2023 and TSLA on 4/19/2023.
No major News releases regarding the economy this week, but always keep an eye out for news, stock news and other influential information.
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