SPY Ready for a Reversal? Key Levels to Watch for Oct. 24,2024
Key Resistance Levels:
580.29: This level has acted as a strong resistance point. If price approaches this level tomorrow, watch for a rejection for potential short setups.
584.44 - 585.45: If SPY breaks through 580.29, this higher range will be your next resistance zone. Look for reversal patterns if SPY reaches this zone for a possible fade or continuation trades.
Key Support Levels:
578.54 - 578.56: This support area could be crucial for a bounce. If SPY shows strength at this level, it may provide opportunities for long trades targeting resistance near 580.
574.41: A breakdown below this level could trigger a larger bearish move, opening room for short setups targeting the next lower support levels.
Trendline:
The downward sloping trendline is acting as dynamic resistance. A break above this line near the 580 region could signal the start of a bullish reversal, with potential to ride the momentum up to the 584 range.
Volume and Momentum:
Recent sell-off volume suggests sellers are still in control. Keep an eye on volume tomorrow—if the selling pressure continues, watch for breakdowns below key support levels.
MACD are showing early signs of recovery from oversold conditions, which might signal a potential short-term bounce.
My Thoughts for Tomorrow’s Trading:
For scalpers, focus on the 578-580 range for quick trades. A bounce at support or a rejection at resistance should provide clean entries and exits.
For swing traders, a break above 580 could indicate a short-term bullish reversal, targeting 584-585. On the downside, a breakdown below 574 could lead to further declines.
Keep your trades tight, especially with the market volatility. Use these key levels as a guide, and watch how price reacts around them for confirmation.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Always perform your own research and manage risk appropriately. Trading involves risk, and past performance does not guarantee future results.
580.29: This level has acted as a strong resistance point. If price approaches this level tomorrow, watch for a rejection for potential short setups.
584.44 - 585.45: If SPY breaks through 580.29, this higher range will be your next resistance zone. Look for reversal patterns if SPY reaches this zone for a possible fade or continuation trades.
Key Support Levels:
578.54 - 578.56: This support area could be crucial for a bounce. If SPY shows strength at this level, it may provide opportunities for long trades targeting resistance near 580.
574.41: A breakdown below this level could trigger a larger bearish move, opening room for short setups targeting the next lower support levels.
Trendline:
The downward sloping trendline is acting as dynamic resistance. A break above this line near the 580 region could signal the start of a bullish reversal, with potential to ride the momentum up to the 584 range.
Volume and Momentum:
Recent sell-off volume suggests sellers are still in control. Keep an eye on volume tomorrow—if the selling pressure continues, watch for breakdowns below key support levels.
MACD are showing early signs of recovery from oversold conditions, which might signal a potential short-term bounce.
My Thoughts for Tomorrow’s Trading:
For scalpers, focus on the 578-580 range for quick trades. A bounce at support or a rejection at resistance should provide clean entries and exits.
For swing traders, a break above 580 could indicate a short-term bullish reversal, targeting 584-585. On the downside, a breakdown below 574 could lead to further declines.
Keep your trades tight, especially with the market volatility. Use these key levels as a guide, and watch how price reacts around them for confirmation.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Always perform your own research and manage risk appropriately. Trading involves risk, and past performance does not guarantee future results.
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน