SPY | TA

SPY

Overall Trend: The SPY has been on an upward trend, as indicated by the upward-sloping blue trendline, signaling bullish momentum.

Candlesticks:
There is a mixture of bullish and bearish candles; however, the bullish candles have larger bodies, indicating stronger buying pressure.
The large white candlestick followed by a smaller one suggests continued buying interest but with some consolidation.

Moving Averages:
The SPY is trading above both the short-term and long-term moving averages, signifying a bullish signal.
The upward trajectory of the moving averages further confirms the bullish trend.
Support and Resistance:

Bullish Line (Resistance turned Support): The SPY has broken above a resistance line, now potentially acting as support around the 497 level.
Bearish Line (Resistance): If the SPY retraces, a previous resistance level of around 495.93 might act as new support.

Price Targets:
Target Price 1: If there's a pullback, the first lower target could be around the 495.36 USD level.
Target Price 2: A further target for a pullback could be near the 493.97 level.
Target Price 1 (Bullish): If the upward trend continues, an initial target could be near the recent high of around 498.70.
Target Price 2 (Bullish): A continuation of the bullish momentum might aim for a higher target, potentially above the 502 mark.

Volume:
The chart does not show a significant spike in volume alongside the large bullish candlestick, which could suggest that the buying interest might not be as strong as it could be with higher volume.

Summary:
The SPY exhibits bullish momentum, with recent price action suggesting continued interest from buyers. The break above what could be interpreted as a "Bullish Line" is a positive indicator, but the lack of a volume spike could warrant cautious optimism. Potential pullbacks should be monitored, and the support levels around 495.93 and 493.97 could be key areas to watch.

** It's overextended, but the market may sustain this position and continue to rise; therefore, opening a short position does not make sense without any confirmation.

Trade closed: target reached:

All the targets hit in bullish and bearish scenarios. this is how key levels work