SPY | SHORT

SPY

Target Price1: 400$
Target Price2: 390$


Price Action:
After a general uptrend from early 2021 to mid-2022, the price began to exhibit bearish behavior. As of late 2023, the price is seeing another decline.

Support and Resistance:
The price is currently approaching a significant support zone. If this support holds, we might expect a bounce. However, if broken, further decline is likely.

Volume Profile:
The histogram on the right showcases volume nodes, indicating areas of significant trading activity. There's a prominent volume node around the 390 mark, confirming it as a significant level. Historically, prices tend to be attracted to these high-volume areas, acting as magnets.

Moving Averages:
MA200 (Blue Line): This is a significant long-term moving average, and the price is going down to hit the MA200 as a major support level.

Trade closed manually