Technical Pulse: SPDR S&P 500 ETF Trust August 31, 2022 502

 

SPDR S&P 500 ETF Trust (NYSEARCA: SPY) A retest of the immediate support at 386.00-393.00 is possible before price edges higher as:   

 

  1. The ichimoku cloud support and previous neckline resistance turned support provide confluence of supports at 389.80.
  2. The 61.8% Fibonacci retracement level provides support at the 388.74 price level, with the swing high of 431.73 and swing low of 362.17 as points of reference.
  3. Price could reach resistance zone 1 at 403.00-410.00 before heading towards resistance zone 2 at 420.00-430.00 thereafter.

 

 

*Expected timeline of the trade is 12 weeks from the date of report issuance.

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

Blue line = Coversion line

 

Red line = Base line

 

Green area = Ichimoku cloud

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About the author

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Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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