SPY 30-Minute Chart Analysis: Bearish Channel Forming
Looking at the SPY 30-minute chart, the price is clearly in a bearish channel, with each rally getting rejected and lower lows being made consistently. Let me walk you through the key details.
What’s Happening:
Downward Channel: The price is following a downward-sloping channel, which began forming at the peak near $563. Since then, the price has been steadily declining, with lower highs and lower lows, bouncing off the upper and lower trendlines.
Resistance at $546.70: There was a strong rejection from the $546.70 level, further confirming this area as a key resistance. Every time the price approaches this level, sellers step in aggressively.
Key Support at $539.60: We’re currently hovering just above this level. If we break through $539.60, the next key support zone lies around $528.44, which could be the next target for sellers.
What I Expect:
Bearish Continuation: Given the strength of the downward channel, I’m expecting more downside. If $539.60 fails to hold, we could see a further drop towards the $528.44 level.
Possible Bounce: On the other hand, if the price finds support around $539.60, we might see a short-term bounce back toward the upper trendline, around $546.70, before more selling pressure sets in.
Final Thoughts:
Right now, SPY is clearly in a downtrend, and I’m watching the $539.60 level closely. A break below it could open the door for further declines, but a bounce from here could present a short-term trading opportunity. Stay cautious as the bearish momentum continues!
What’s Happening:
Downward Channel: The price is following a downward-sloping channel, which began forming at the peak near $563. Since then, the price has been steadily declining, with lower highs and lower lows, bouncing off the upper and lower trendlines.
Resistance at $546.70: There was a strong rejection from the $546.70 level, further confirming this area as a key resistance. Every time the price approaches this level, sellers step in aggressively.
Key Support at $539.60: We’re currently hovering just above this level. If we break through $539.60, the next key support zone lies around $528.44, which could be the next target for sellers.
What I Expect:
Bearish Continuation: Given the strength of the downward channel, I’m expecting more downside. If $539.60 fails to hold, we could see a further drop towards the $528.44 level.
Possible Bounce: On the other hand, if the price finds support around $539.60, we might see a short-term bounce back toward the upper trendline, around $546.70, before more selling pressure sets in.
Final Thoughts:
Right now, SPY is clearly in a downtrend, and I’m watching the $539.60 level closely. A break below it could open the door for further declines, but a bounce from here could present a short-term trading opportunity. Stay cautious as the bearish momentum continues!
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