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.

İşlem aktif

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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Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.

Halcyon02

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