SPY 2-Hour Chart Analysis - August 28, 2024
Double 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.
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.
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