The SPY Breaks Through Heavy Resistance, Looks To Confirm This Trend Is Intact: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 (SPY) rose over 0.8% on Thursday, breaking through heavy resistance near the $421 level, following the U.S. House of Representatives passing the debt ceiling agreement. If the SPY continues to trade higher, the current uptrend will be confirmed as intact.
June 01, 2023 | 8:54 pm
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POSITIVE IMPACT
SPY breaks through heavy resistance near $421 after the U.S. House passes debt ceiling agreement, potentially confirming the current uptrend.
The SPY broke through heavy resistance near the $421 level after the U.S. House of Representatives passed the debt ceiling agreement. This news is likely to have a positive short-term impact on the SPY as it indicates a potential confirmation of the current uptrend. The importance of this news is high as it directly affects the SPY's performance, and the confidence in this analysis is high due to the clear correlation between the news and the SPY's price movement.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Traders wishing to trade the volatility in the stock market can use MIAX’s SPIKES Volatility products, which track expected volatility in the SPDR S&P 500 (SPY) over the next 30 days.
The SPIKES Volatility products are mentioned in the context of trading stock market volatility, specifically in relation to the SPY. While the news about the SPY breaking through heavy resistance may indirectly affect the SPIKES Volatility products, the direct impact on SPIKE is neutral as it is not the main focus of the news. The importance of this news for SPIKE investors is moderate, and the confidence in this analysis is high due to the clear mention of SPIKE in the context of trading volatility.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50