SPY Daily Chart: Uptrend Intact, Key Supports in Focus

SPY Daily Chart: Uptrend Intact, Key Supports in Focus

• Established Uptrend with Strong Trend Line Support: SPY continues to display a clear upward trend on the daily timeframe, with price consistently finding support along the depicted trend line. The recent pullback in mid-August saw price effectively test and bounce off this crucial trend line, reaffirming its strength.
  
  *640 as Immediate and Confluent Support: The 640 level has proven to be an immediate support zone, coinciding with the recent touch of the upward trend line. The market has shown a decisive bounce from this confluence of support, suggesting current bullish momentum for the short term.
  
  *Key Level 620-625 as Deeper Support: Should the immediate 640 support and the upward trend line fail to hold, the next significant 'Key Level' to monitor is the 620 to 625 range. This area has previously acted as a strong demand zone and would represent a more substantial correction within the prevailing uptrend.
  

• Powell’s dovish Jackson Hole speech signaling potential rate cuts amid labor market slowdown and inflation risks, fueled a surge in growth and tech stocks, reinforcing today’s rally.

Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.