SPY 1H Analysis: Bearish Breakdown Below Key Support

há 5 dias

SPY (S&P 500 ETF) Price Analysis: Potential Breakdown from Consolidation Zone
Chart Overview:
Asset: SPY (SPDR S&P 500 ETF)
Timeframe: 1-hour (1h)
Trend: Bearish movement developing
Key Observations:
Support and Resistance Levels:

The price is currently within a blue consolidation zone between 590 and 597.
There is a major resistance around 612, which previously acted as a rejection point.
The lower boundary at 590 is a key support level.
Bearish Structure:

The price recently tested the upper range but failed to break out.
A rejection from the 597 resistance level suggests weakness in buying pressure.
The price action is forming a lower high, indicating the potential for a downside move.
Breakdown Expectation:

If the price breaks below 590, a significant sell-off could occur.
The next target for a potential drop would be 585 or lower.
Conclusion:
Bearish bias: If price fails to hold above 590, further downside is expected.
Key level to watch: A confirmed break below 590 could lead to a continuation of the downward trend.
Potential trade setup: Short opportunities below 590 with a target towards 585.

anteontem

Trade fechado: objetivo atingido

🎯✅ Another Target Hit – SPY Playing Out Perfectly! ✅🎯

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