$SPY - Levels for Friday and Next Week

17 thg 3, 2022

SPY

SPY against resistance of the prior week's high at $441.11. If rejected look for support at the downtrend resistance turned support for a bounce to retest the prior week high. If price breaks prior week high, look for resistance of prior swing high at $448.06.

I'll be staying very neutral, and wait for price action to let me know where the market wants to go. Likely this run is short positions covering to take profits. I'm not convinced the market is turning up unless SPY is giving higher highs and higher lows. Will need to see more price action to decide.

As always, wait for confirmation.