SPY
SPDR S&P 500 ETF Trust
$686.01
+$6.55
+0.96%
+49%
★★★★★
On Watchlist
On bearish news, it stopped at the support zone. 646.50 - 640. The strong reaction off its low and through the Wednesday low makes both of these levels key support. There is a bullish bias until this level is broken. The area of 661 to 663 includes several daily highs and lows and the 200 DMA. This is the major resistance level.
Geopolitical turbulence over Trump’s insistence on owning Greenland and threats to use new tariffs to get his way led to large declines on Monday. However, there are plenty of “non-defensive” areas of the market that remained in strong positions.
SPY and QQQ both closed below their 50-day and Jan. Calendar Range low for the first time. This is bearish for the short and intermediate term if they get a confirming “continue” pattern.
On the contrary, IWM held strong on its 10 DMA.
Watch breakouts of Monday’s daily ranges closely!