Stock Market Rises As The SPY Shakes Off Apple's Plunge: The Bull, Bear Case For The ETF
Portfolio Pulse from Melanie Schaffer
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose about 0.4% on Friday, despite fears over China potentially banning public workers from using Apple's iPhones. Investors are hopeful that the Federal Reserve will keep interest rates steady in its next meeting on Sept. 19 and 20. The SPY shows both bullish and bearish patterns, with an ongoing uptrend but also a possible bear flag formation. The ETF's recent uptrend started on Aug. 18, with the most recent higher high formed on Sept. 1 at $453.67.
September 08, 2023 | 6:07 pm
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The SPDR S&P 500 ETF Trust (NYSE:SPY) shows both bullish and bearish patterns, indicating a possible short-term volatility. The ETF's recent uptrend started on Aug. 18, with the most recent higher high formed on Sept. 1 at $453.67.
The SPY is showing both bullish and bearish patterns, indicating a potential for volatility in the short term. The ETF's recent uptrend could continue if it forms another higher high next week. However, a possible bear flag pattern suggests the ETF could fall toward $436 if it drops through the flag formation on higher-than-average volume.
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