RussianTrader1

SPY S&P 500 ETF will continue going up next week

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY S&P 500 ETF found support on the 200 sma while making slightly higher lows breaking the 3/1 gann fan line that it was reacting too before which was acting as support. Momentum is making higher lows aswell while seeing a huge momentum increase last 4h candles. Next retest level will be the 50sma which will line up with the 2/1 gannfan line at 339$ price levels but if the momentum will hold strong and the stimulus anticipation news will keep coming up then it will most likely break and retest it which will result in an uptrend from which we will go to at least 358$ price levels again with a high possibility of making new all time highs. Also keep in mind that the last move broke the 0.236 fib level which is a very deep bearish pullback move that often results in a full reversal and considering the fact that we have a strong momentum, we will very likely continue up from here.

RussianTrader

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