Fibonacci is all that is needed for SPY. Here I have drawn overlapping Fibonacci's from the monthly and weekly perspective. If price were to continue up, breaking the previous all time high, price would continue up to the next Fibonacci level of 579. Typically, when price breaks out to make a new level, it could continue up to test as far at the -50% Fibonacci level of 600.
With the expectation of the FOMC reducing interest rates this month, the move to 600, is possible if you are able to hold your position.
Keep in mind that there is a support gap from 549 to 543, so at some point price may come down to retest this level.
With the expectation of the FOMC reducing interest rates this month, the move to 600, is possible if you are able to hold your position.
Keep in mind that there is a support gap from 549 to 543, so at some point price may come down to retest this level.
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