SPY Levels - CGG Newsletter 08/13-18/2023

Upside:
448.06 → 448.92 → 450.48 → 451.70 → 453.07

Downside
443.97 → 442.97 → 441.98 → 441.08 → 439.46

Technical Analysis:
Since making yearly lows in March, SPY has been in a larger uptrend channel, with its last higher high peaking in July. Since making this high SPY has made a downwards channel on the daily inside the larger upwards chanel, and looks to make a higher high soon on the green uptrend line. A great spot for it to bounce is coming soon. With any sign of weakness, SPY looks ready to fillthe samll gap it made from July 11-12, which should be filled at 442.97. Under this gap we have the long GP from 441.08-441.98 along with a strong daily level at 441.21. I would look to go long in this area. If we get a bounce we will look to see if we can break over last week's high of 451.70. If we can reclaim some bullish momentum, I would expect us to test the gap above (453.52-455.49), or at least get close as we have the SHORT GP from 453.29-453.81 we can target to the upside for bulls.

Failure to hold above 441.21 changes my macro view, and I would flip bearish, but my general lean is bullish going into next thursday's Jackson Hole Economic Symposium.