The SPY is up +11% from the Oct 13th bottom & is now attempting to break topside resistance levels.
Things to note:
- Broke above 50EMA today
- 9 turning up bullish
- Next resistance @ 100EMA + 0.5 FIB @ $390
- Major resistance @ 200EMA + BF & downward sloping TL
- BF move played out setting lower low @ $349
- Next major support below $350 is @ $325
- RSI heating on daily but room to go
- RSI on 4HR is in OB territory
Aside from earnings, the next major event I'm waiting on is the Nov 2nd FOMC meeting & rate raise.
The thought process is going to be the same here: waiting on the next sell-off to see where it takes us & will likely take long positions then.
Stay tuned.
Things to note:
- Broke above 50EMA today
- 9 turning up bullish
- Next resistance @ 100EMA + 0.5 FIB @ $390
- Major resistance @ 200EMA + BF & downward sloping TL
- BF move played out setting lower low @ $349
- Next major support below $350 is @ $325
- RSI heating on daily but room to go
- RSI on 4HR is in OB territory
Aside from earnings, the next major event I'm waiting on is the Nov 2nd FOMC meeting & rate raise.
The thought process is going to be the same here: waiting on the next sell-off to see where it takes us & will likely take long positions then.
Stay tuned.