The Market Rebound, $SPY

SPY closed around 737.5 on June 5, placing it almost exactly at the 78.6% retracement of the entire May-to-June advance.

We plan to adopt the Bullish Scenario in this analysis, as it is slightly favored.

The broader trend remains upward:
1. SPY recently made new all-time highs.
2. The S&P 500 had a multi-week winning streak and recorded fresh records in late May and early June.

As Bulls, we want the following:
1. Hold above 737.7 (78.6%)
2. Reclaim 742.5 (61.8%)
3. Break above 746–749
4. Then retest 753.6
5. Eventually challenge 760.4 ATH

If 737–738 holds this week, a move back toward 750–754 is a reasonable near-term target.

액티브 트레이드

The past week, broke below the $737 - $738 level mentioned as a key level for a bullish outlook. Nonetheless, the trade looks favorable for a short-term retest of $749, given positive news on the US/Iran war and earnings in July.

I would be careful as Quadwitching occurs on 18 JUN, as we may experience high volatility.

Halcyon02

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Halcyon02

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