Technical Pulse: SPDR S&P 500 ETF Trust August 31, 2022 328
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:
- The ichimoku cloud support and previous neckline resistance turned support provide confluence of supports at 389.80.
- 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.
- 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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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).