The next resistance is around 265 (dotted red line), then if passed, SPY could test a 50% fibonacci retracement back to near the 280 level (other dotted red line).
SPY on the daily chart is looking strong with the Stochastic line coming off of oversold, the MACD signal line just being crossed, and it breaking from the previous downward channel. We are looking at a short term bear market rally. I don't see it lasting longer than another week or two.
280 will be a difficult resistance to pass, especially as bad economic news continues to surface.
The underlying economic shock caused by COVID-19 will keep the bears in control.
SPY on the daily chart is looking strong with the Stochastic line coming off of oversold, the MACD signal line just being crossed, and it breaking from the previous downward channel. We are looking at a short term bear market rally. I don't see it lasting longer than another week or two.
280 will be a difficult resistance to pass, especially as bad economic news continues to surface.
The underlying economic shock caused by COVID-19 will keep the bears in control.
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