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SPY S&P 500 ETF End of the Year Price Target If you haven`t bought the recent dip on SPY: Now with Goldman Sachs lowering U.S. recession odds from 20% to 15% and raising their 2024 year-end S&P 500 target to 6000 from 5600, the outlook for the market appears increasingly optimistic. The reduced recession risk suggests stronger economic stability, and the upward revision in the S&P target points to continued growth potential. Given these factors, I agree that a year-end price target of 600 on SPY is achievable.
AMEX:SPYLong
by TopgOptions
1
Comprehensive Technical Analysis: SPX 10-Minute ChartThis SPX 10-minute chart shows a clear intraday shift from a bearish to a bullish trend, accompanied by multiple technical signals. Let’s break down the analysis across different technical components: 1. Trend Analysis: Initial Downtrend: The session started with bearish momentum as indicated by Put Signals and declining price action. The lower lows created a brief bearish trend that ended with a strong reversal. Bullish Reversal: The reversal is confirmed by a series of Call Signals after a strong bullish breakout from the previous consolidation zone. The price broke above a significant resistance level around 5,731.94, leading to a steady uptrend. 2. Moving Averages: Short-Term Moving Average (Orange Line): This acts as immediate support during the bullish run. The price consistently stays above this line, indicating short-term bullish strength. The slope of the moving average is steep, reflecting increasing bullish momentum. Mid-Term Moving Average (Blue Line): Positioned further below, the blue moving average provides a broader support level. This indicates that the medium-term trend remains supportive of the upward move, showing a well-established bullish context. 3. Heikin Ashi Candles: Bullish Momentum: The Heikin Ashi candles display a strong bullish pattern with several consecutive yellow candles and minimal lower wicks, indicating reduced volatility on the downside. Temporary Pullback: A few red candles appear, marking brief consolidation but not a trend reversal. The continuation of yellow candles afterward confirms sustained bullish pressure. 4. Key Signals and Levels: Entry Long: A long entry signal is observed after the breakout around 5,731.94, which was an excellent point for entering the bullish trade. Exit Long: The Exit Long signal near 5,776.76 suggests taking profits after the bullish move. This level now serves as short-term resistance. Support Levels: Immediate Support: 5,755.43 – A pullback to this level would still align with the bullish structure as long as it holds. Major Support: 5,731.94 – This level marks the breakout point, acting as a strong floor for further bullish moves. 5. Volume and Momentum: Although volume is not displayed, typically such strong moves (as indicated by Heikin Ashi and moving averages) are accompanied by rising volume. Momentum: Bullish momentum remains high, supported by consistent upward price movement and the sustained hold above the moving averages. 6. Resistance and Future Outlook: Immediate Resistance: The price is facing resistance at 5,776.76. A break above this could open the path to higher levels, potentially testing psychological levels like 5,800. Continuation or Pullback: If the price breaks above 5,776, we can expect a continuation of the uptrend. However, a failure at this resistance might lead to a short-term pullback to 5,755 or even 5,731. Conclusion: The chart reflects a strong bullish reversal with clear signals of upward momentum. Traders should watch the 5,776 level for a breakout confirmation or potential pullback to the key support levels at 5,755 and 5,731. Maintaining the trend above the orange and blue moving averages will be crucial for sustained bullish movement.
AMEX:SPYLong
by Deno_Trading
SPY 10-Minute Chart Analysis - September 3, 2024AMEX:SPY The SPY has been trading in a well-defined range over the past few sessions, bouncing between support and resistance levels like a pinball. Right now, we’re seeing a key moment where SPY is testing the lower boundary of its trading range. Current Setup: Resistance Zone: The upper boundary around 5,641 has consistently acted as a ceiling for SPY. Every time the price reaches this level, it gets knocked back down, indicating strong selling pressure. Support Zone: On the other end, the support around 5,560 has held up well, with buyers stepping in to defend this level each time it’s been tested. SPY is currently hovering just above this support zone, which could be a critical area to watch. What’s Happening Now: SPY is testing the lower end of the range, around 5,573.91, after a sharp drop from the resistance. The price is attempting to bounce, but the question is whether this support will hold, or if we’re looking at a potential breakdown. Key Levels to Watch: Break Above: If SPY can gather enough momentum to push back towards the 5,641 resistance and break through it, we could see a significant move to the upside. This would signal that buyers have regained control. Break Below: On the flip side, if SPY fails to hold above the 5,560 support, we might see a more extended decline, potentially opening the door to lower levels. Summary: SPY is at a crucial juncture. The battle between buyers and sellers is heating up as the price hovers near the lower support of the range. Traders should keep a close eye on these levels, as a break in either direction could dictate the next significant move for SPY. Stay alert and be ready to act depending on how the market reacts in the coming sessions.
AMEX:SPYLong
by Deno_Trading
2
Why ORB and VWAP Have a High Success Rate - Part 2Previously in the Opening Range Breakout (ORB) and the Volume Weighted Average Price (VWAP). In Part 1, we dove into the basics and all the important aspects of the ORB, but now let's explore why these strategies often lead to high win rates. The Psychology Behind ORB The ORB is powerful because it captures the market's initial reaction to overnight news and pre-market sentiment. Think of it like the opening scene of a movie: it sets the tone for what’s to come. When the market breaks above or below this range, it’s like the plot thickening—traders jump in, driving momentum in that direction. This momentum is often self-reinforcing, leading to sustained moves that traders can capitalize on. VWAP: The Institutional Trader’s Compass VWAP, on the other hand, is not just another line on the chart. It's the line in the sand for many institutional traders. It represents the average price weighted by volume, and it’s where big players often aim to execute their trades to ensure they’re getting a fair deal. When the price is above VWAP, it’s a sign of strength; below, it signals weakness. This makes VWAP an anchor point for many strategies, creating natural support and resistance levels. The Power of Combining ORB and VWAP Now, let’s bring it all together. When you combine ORB and VWAP, you’re essentially stacking two powerful tools that capture both the early market sentiment and the equilibrium price level that institutional traders care about. For instance, if the price breaks out of the opening range and stays above VWAP, it’s like a green light signalling that the bulls are in control. On the other hand, if the price breaks down and stays below VWAP, the bears likely have the upper hand. The chart you're seeing is a perfect example of this dynamic. Notice how the price respects the VWAP and reacts strongly around the opening range levels. These reactions are not random—they’re the market’s way of telling us where the big players are positioning themselves. To Recap All These The high success rate of ORB and VWAP strategies isn’t just about the numbers; it’s about understanding market psychology and where the big money is flowing. By incorporating these tools into your trading, you’re aligning yourself with the natural rhythm of the market, increasing your chances of being on the winning side of the trade. This combination gives traders a structured approach to navigate the chaos of the markets, and when used consistently, it can lead to more reliable and profitable trades.
AMEX:SPY
by Deno_Trading
SPY 2-Hour Chart Analysis - August 28, 2024Double Trouble is the name of the game here, and it’s no joke. As you can see SPY just dipped below a critical support level, and things could get tricky if buyers don’t step in soon. What’s Happening? SPY has been bouncing around within a tight range for the past few days, but today’s action saw it break below the 554.93 support level (highlighted by the yellow dashed line). This level has been key in holding the price up, and now that it’s breached, we could be in for a rough ride. Why Double Trouble? Here I am referring to the fact that SPY is now stuck between two crucial zones: the broken support around 554.93 and the next significant support level down near 551.00. If the price falls to this lower support, we could see even more downward pressure, potentially leading to a deeper sell-off. Key Levels to Watch: Resistance: Look for potential resistance to form around the 554.93 level now that it’s broken. If SPY can reclaim this level, it might signal a reversal, but if not, the bears could stay in control. Support: The next big support is down near 551.00. If SPY continues to fall, this is the level that needs to hold to prevent further losses. What’s Next? We’re at a pivotal point. A break back above 554.93 could give bulls a lifeline, but if SPY continues to slide, the 551.00 level will be the last line of support before more significant downside risk comes into play. Stay cautious and keep an eye on these critical levels as we head into the next trading sessions. I am starting to believe that market is in a delicate position, and how it reacts here will set the tone for the days to come.
AMEX:SPYShort
by Deno_Trading
2
SPY Analysis Across Multiple Timeframes | AugustLike we have seen from the video above lets have some talks on these timeframes and see whar the analysis says. Weekly Timeframe: SPY is currently hovering around 533.27, which is near the top of its long-term uptrend. We’ve seen a slight pullback from the recent highs, which isn’t surprising given how strong the rally has been. If the pullback deepens, keep an eye on 523.97 as the first line of support. Should the price drop further, 514.09 could come into play as a stronger support. On the upside, breaking through 547.04 would signal the continuation of the bullish trend. Daily Timeframe: On the daily chart, SPY has pulled back to around 504.45 after a solid run-up. The recent bounce suggests that buyers are stepping in, but the next challenge lies at 515.13. If SPY can clear that hurdle, it might aim for the 524.99 area. However, if the pullback resumes, 503.45 is the first support level to watch. A break below that could see SPY testing 493.41. 30-Minute Timeframe: Zooming into the 30-minute chart, SPY is in a bit of a holding pattern around 543.41. This sideways action indicates that the market is catching its breath after recent volatility. If SPY can break above 546.64, we might see a short-term rally toward the 550 level, which also happens to be a psychological barrier. On the flip side, if the consolidation breaks down, watch for support around 544.88 and 538.97. Now what? Again, note that SPY is at a critical juncture across all timeframes. Whether you're trading intraday or looking at the bigger picture, these levels are key to watch. We’re seeing some consolidation right now, but whichever direction SPY breaks, it could lead to a significant move. Stay nimble and watch those levels closely!
AMEX:SPYShort
by Deno_Trading
SPY still bullish, holding both the 1D MA50 and MA100.Last time we looked at SPY (May 01, see chart below) we gave a strong buy signal following the 1D MA100 (green trend-line) bottom and we are already well into new All Time High territory: As you can see, the price hit the top of the short-term (dotted) Channel Up and pulled back to the 1D MA50 (blue trend-line) again. This inability to break above the Channel Up, leads us to believe that it will continue to be the dominant pattern, instead of the long-term (blue) Channel Up, and will dictate the price action higher but only gradually. Another test of the 1D MA100 is possible under those conditions that will allow for a smooth hit on our 555.00 long-term Target. If however the dashed line holds, it is possible to see an even more aggressive Channel Up materializing, in which case we will move our Target even higher at 580.00, in order to represent a Bullish Leg similar to January - February 2024. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
AMEX:SPYLong
by TradingShot
1
S&P500 ETF Trust (SPY) Fell 0.55% Today is the Bullish Run Over?Economic indicators are crucial for policymakers, advisors, investors, and businesses to make informed decisions regarding business strategies and financial markets. In the week ending May 23, the SPDR S&P 500 ETF Trust (SPY) fell 0.52%, while the Invesco S&P 500 Equal Weight ETF (RSP) was down 1.75%. This article examines three indicators from last week — existing home sales, new home sales, and consumer sentiment. These data points provide an update on the current state of the housing market and consumer attitudes about the current and future strength of the economy. Existing home sales fell for a second straight month in April as elevated mortgage rates and increased home prices continue to weaken demand. The median price for an existing home sold last month was $407,600, an all-time high for the month of April, marking the 10th consecutive month of year-over-year increases for existing homes. New home sales fell 4.7% in April to a seasonally adjusted annual rate of 634,000 units, falling short of the expected 677,000 units. April’s sales are 7.7% below what they were a year ago, marking the first annual decline in over a year. Consumer sentiment fell to its lowest level in six months, according to this month’s final report for the Michigan Consumer Sentiment Index. The Michigan Consumer Sentiment Index is a monthly survey measuring consumers’ opinions with regard to the economy, personal finances, business conditions, and buying conditions. A closer look at May’s report revealed that consumers are concerned over the labor market, high interest rates, income growth, and inflation. The outlook for the stock market's most important driver just keeps getting better. S&P 500 earnings grew 6% in the first quarter from a year ago, according to data from FactSet. When excluding dismal earnings from Bristol Myers-Squibb (BMY), the results were even better, with earnings growing 10%, per Bank of America. Consensus now sees earnings growing 11.4% in 2024, up from a projection of 10.9% on April 5. In 2025, earnings growth estimates have moved up to 14.2% in 2025 from the 11.6% growth seen that day. On Tuesday, UBS Investment Bank US equity strategist Jonathan Golub boosted his year-end S&P 500 target to 5,600 from 5,400, citing "stronger earnings." This trend is supported by further market upside, as economic "tail risks" have declined, with consensus estimates for economic growth increasing throughout the year. Deutsche Bank's chief global strategist Binky Chadha recently told Yahoo Finance that further growth than expected in the economy could help the S&P 500 reach 6,000 by the end of the year. Technically, the S&P500 ETF Trust index price charts depicts the ending of the 5th wave Bullish Divergence pattern which resonates with Elliot Waves theory. The Relative Strength Index which sits at 58.60 signifies weaker growth from the consumer Index.
AMEX:SPYShort
by DEXWireNews