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natef1

SPY - Approaching 200 Weekly MA - Will We See A Bounce?

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
natef1  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Beyond Technical Analysis Chart Patterns Trend Analysis SPDR S&P 500 ETF (SPY) tradesetup Technical Analysis Stocks chartanalysis analysis tesla tradesignal SPX (S&P 500 Index)
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Hello Traders, here is my analysis for the SPY.

Although this is a quick analysis, it is still an important one.

The SPY is approaching the 200 Weekly moving average.
- In the past 10 years, each time that we have hit the 200 Weekly MA we have had a bounce, except for the "covid crash" when we temporarily dipped below.
- When we factor in the fact that the DXY is overextended and will likely reverse soon at the same time that the SPY is about to hit the 200 MA, I think this is a strong signal that a bounce will occur.

2 Bullish Factors on the Weekly time frame...
1) 200 MA will act as support
2) Bullish divergence on the RSI

- In my opinion there is a high probability that we see a bounce in the broader market this week.
- Many large players will be looking to buy at this level.

Thanks everyone and best of luck trading!
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