SPY 
SPX Analysis, Key levels & Targets So I’m definitely not bullish, per se, but I do have a spread expiring tomorrow to where I really need to be in between 394 and 402, with 398 being idea…
I put on that spread thinking that we might be trading sideways for a little bit. (But also we have a few FED speakers this week, 2 on Wednesday and 1 on Thursday) I see the double bounce on support at 390 and the super sharp rejection right at the Daily 50MA
So I’m seeing a lot of conflicting technicals… at least in the near term. Bigger technicals are bearish. I would love to see an up move so I can sell some call spreads into the next few expirations…. And definitely if we get near that daily 50MA again… I would even sell ATM call spreads if we tapped the 50MA again….
So to the upside you have resistance at 401.50. The daily 50MA at 401.06, and to the downside support at 390, and trendline around 388.5, so at any of those numbers I will be doing something for sure…. If we go below that blue trendline then there are two good gaps to fill and next support down is around 470…. Where do you think the buyers and sellers are hiding??
Alrighty… now we know where all of the levels are, let’s see what happens and how we open…. Have fun trading tomorrow, y’all…
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.