pool ads$SPY, $QQQ, $IWM, and $DIA support and resistance levels
Both the support and resistance levels for the S&P 500 ETF (SPY) that we offered last night have been near perfect thus far today (resistance was tested first). Find the same data for the other ETFs, and get tomorrow's data too, when you become a subscriber.
Technical Summary
| Term → | Near | Mid | Long |
|---|---|---|---|
| Rating | Weak | Strong | Neutral |
| P1 | 0 | 0 | 288.86 |
| P2 | 342.44 | 345.53 | 323.41 |
| P3 | 346.67 | 354.07 | 351.62 |
Support and Resistance Plot Chart for SPY
Long Term Trading Plans for SPY
October 21, 2020, 1:14 pm ET
The Technical Summary and Trading Plans for SPY help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this SPY Report.
SPY - (Long) Support Plan
The technical summary data tells us to buy SPY near 323.41 with an upside target of 351.62. This data also tells us to set a stop loss @ 322.48 to protect against excessive loss in case the stock begins to move against the trade. 323.41 is the first level of support below 343.28 , and by rule, any test of support is a buy signal. In this case, support 323.41 is being tested, a buy signal would exist.
SPY - (Short) Resistance Plan
The technical summary data is suggesting a short of SPY as it gets near 351.62 with a downside target of 323.41. We should have a stop loss in place at 352.64 though. 351.62 is the first level of resistance above 343.28, and by rule, any test of resistance is a short signal. In this case, if resistance 351.62 is being tested, a short signal would exist.
Blue = Current Price
Red= Resistance
Green = Support
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