SPY - we going sideways? Yearly chart
SPY quickly approaching the 50-day MA on a yearly chart. Does it bounce off the 50 and continue higher? Doubt it but earnings season and election volatility is right around the corner, so anything can happen.
What SPY has not done in a while is trade sideways and my guess is that is what it does for the next few months. If it continues downward, next support is $520. After that it's the 200-day MA. I can see a bad earnings season taking us there.
Things I'm watching:
-SPY hasn't touched 50-day since April
-depending on your definition of sideways, SPY has not traded sideways since July 2023
-hasn't touched 200-day since November 2023 and still a quite a ways away from it.
What SPY has not done in a while is trade sideways and my guess is that is what it does for the next few months. If it continues downward, next support is $520. After that it's the 200-day MA. I can see a bad earnings season taking us there.
Things I'm watching:
-SPY hasn't touched 50-day since April
-depending on your definition of sideways, SPY has not traded sideways since July 2023
-hasn't touched 200-day since November 2023 and still a quite a ways away from it.
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