Stock Chart: Rebound Stalled and Key Support (SPY)

August 9, 2022, 9:22 am EDT

Rebound Stalled and Key Support (SPY)

Rebound stalled again which is similar to the pattern in June as shown for S&P 500 ETF (SPY). 

This rebound has been strong that cleared out all resistance levels nearby. The only resistance is at top 430 where it may put S&P 500 back into fully bullish bias for all trends (short, medium, long).

However, there is a key support level 408 that we need to pay attention. Because last time SPY dived down -10% in 6 sessions (from 408 to 365). Thus, it is always important to watch out if similar actions appear again.

The lower bound for SPY is 365.

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