🟰 Support & Resistance, 19th October 2022
🖼 Daily Technical Picture 📈
➤ Today's price action is showing the importance of support and resistance levels. At market close, you can see the price just holding a key level after another eventful day. Price gapped higher at open, it then dropped to fill the that gap and then recovered. After hours trading is showing further upside pressure post Netflix earnings results.
➤ The continued Bullish case would be for prices to overcome the next level of resistance at the 379/380 area on the SPY. This would set a higher high.
➤ The Bearish case would be the inability for it to hold that resistance level and/or close below the 371 level where price closed.
➤ I remain long with +20% exposure.
➤ Conclusion: Choppy conditions with supports and resistance levels in play. Directional/Trending trades will be difficult unless price clears these areas. Mean-reversion trades work best here.
➤ Today's price action is showing the importance of support and resistance levels. At market close, you can see the price just holding a key level after another eventful day. Price gapped higher at open, it then dropped to fill the that gap and then recovered. After hours trading is showing further upside pressure post Netflix earnings results.
➤ The continued Bullish case would be for prices to overcome the next level of resistance at the 379/380 area on the SPY. This would set a higher high.
➤ The Bearish case would be the inability for it to hold that resistance level and/or close below the 371 level where price closed.
➤ I remain long with +20% exposure.
➤ Conclusion: Choppy conditions with supports and resistance levels in play. Directional/Trending trades will be difficult unless price clears these areas. Mean-reversion trades work best here.
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Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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