SPY Weekly Chart Overview (Current Price: ~637)
🧭 Context:
Indicators: TEMA (13/21/50) & RSI (14)
Price is extended, RSI near overbought (65.87), and forming a rising wedge — a bearish pattern.
🔻 Bearish Setup: Rising wedge signals possible reversal.
Momentum weakening despite higher highs.
Price extended above TEMA — a 600–610 pullback looks likely.
📊 Key Levels:Resistance: 672
Support: 611–600 → 578 → 488
Break below 600 could trigger broad downside.
🟢 Bullish Case:
Breakout above 672 with volume = momentum continuation (AI/FOMO driven).
🎯 Conclusion:
SPY is technically stretched. Risk/reward favors caution.
Watch for pullback to 600–610
🧭 Context:
Indicators: TEMA (13/21/50) & RSI (14)
Price is extended, RSI near overbought (65.87), and forming a rising wedge — a bearish pattern.
🔻 Bearish Setup: Rising wedge signals possible reversal.
Momentum weakening despite higher highs.
Price extended above TEMA — a 600–610 pullback looks likely.
📊 Key Levels:Resistance: 672
Support: 611–600 → 578 → 488
Break below 600 could trigger broad downside.
🟢 Bullish Case:
Breakout above 672 with volume = momentum continuation (AI/FOMO driven).
🎯 Conclusion:
SPY is technically stretched. Risk/reward favors caution.
Watch for pullback to 600–610
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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.
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.