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S&P 500 (SPY) ETF Monday, March 20th, 2023 Technical Analysis

SPY S&P 500 ETF Analysis.

SPY S&P 500 ETF Analysis. Last week we saw the market did not show strength because of the bank crisis. It is not a good signal for the market to go up trend. Today the market picture has two scenarios which are very confusing. On the other hand, public sentiment is very bullish about gold. Gold market price spick was a sign of a lack of confidence in the stock market public to buy stock. If today’s spy break 396.00 then maybe the market hit the 404.00 level. But I think it is very difficult to break the 396.00 level for bearish market sentiment.

SPY S&P 500 ETF Analysis.

For this reason, it is our safe side if we find a sell/ short entry in the market. Last week we saw a swing in the market. I think it is a false signal to think the market goes up. The market has a character when it tries to go downtrend its bounces from the support zone then goes up and falls from the resistance zone then breaks the bounce or support zone.

So, we must care if we want to entry buy entry in the market. Defensive trader finds sell entry from the 386.41 level when the market breaks this support level. Aggressive trade finds sell or short from 388.55, 387.29 to 386.41 zone.

Trade Idea.

We have three short/ sell points 388.55, 386.41 and 386.41. If we sell / short entry from 388.55 then the stops loss must be 389.99 points. if our entry from 387.29 level stop loss level maybe 387.77. our last trade entry point is 386.41 level and this level stops loss is 387.04. Our take profit zone is 383.69 and 380.69. If the market breaks 383.69 support level then the next target is 380.69.

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Kacchi biryani.

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