SPY leg higher?
Updated
I think it's worth taking some risk here as the chart looks set up for a leg higher.
Using the fib tools I'm targeting $482 - $486 / 1.618
It's already made a 50% retracement nearly to the dollar and tried to for an all time high.
I believe SPY price will break that level and make another ATH.
Volume is increasing although there is a lot of trading activity in the current range. It may not go straight to $482 but I think $475 will hold as support. If not then $472 will be in the cards and a sell-off could ensue. Past bull markets have gained 200% so it's not unreasonable for SPY to touch $500, especially while we have this momentum. If it doesn't happen now then I think there is less and less of a chance it happens in the first half of the year. I think we'll see $500 or $5000 SPX by February of this year.
Using the fib tools I'm targeting $482 - $486 / 1.618
It's already made a 50% retracement nearly to the dollar and tried to for an all time high.
I believe SPY price will break that level and make another ATH.
Volume is increasing although there is a lot of trading activity in the current range. It may not go straight to $482 but I think $475 will hold as support. If not then $472 will be in the cards and a sell-off could ensue. Past bull markets have gained 200% so it's not unreasonable for SPY to touch $500, especially while we have this momentum. If it doesn't happen now then I think there is less and less of a chance it happens in the first half of the year. I think we'll see $500 or $5000 SPX by February of this year.
Note
Still like $486 maybe even $492$472 needs to hold as support
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.