SPY to $435
Price kept climbing for last few months within a channel making higher highs but every time it touches upper part of the channel it retrieves back. PPO is not following price action and is making lower lows/ lower highs. It seem very reasonable to express pullback to lower part of the channel, there is also 50 MA around 420ish. My minimum price target is $435, area where previous low was formed, with high likelihood of dipping under $430. This is all on a weekly chart.
After this initial move to 430ish it would make sense for price to bounce back a bit.
Longer term I’m expecting channel to be broken. It if breaks to the upside, we should see huge run up. If it breaks to the downside 330ish should revisited. I am still biased to the downside, only because major highs where price met resistance very often are retested and same level becomes support. Around March of 2020 high should be strong support.
After this initial move to 430ish it would make sense for price to bounce back a bit.
Longer term I’m expecting channel to be broken. It if breaks to the upside, we should see huge run up. If it breaks to the downside 330ish should revisited. I am still biased to the downside, only because major highs where price met resistance very often are retested and same level becomes support. Around March of 2020 high should be strong support.
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