Written By: ChartChamp
April 2, 2024
$SPY opened with a bearish gap lower at $517. This gap is at the light blue trendline in an attempt to flip this trendline into support. I would monitor for a rebound here, and I think SPY could trend up towards the white resistance line again, which gives a price target around $522. For now I would monitor $517 to see if the support level holds.
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While the S&P and NASDAQ have struggled, IWM continues to show more bullish momentum. Today IWM opened with a bullish gap higher, and is trading near the local highs around $226. IWM can continue to rally higher to the $233.10 target before facing resistance. Follow me on social media: https://linktr.ee/realchartchamp
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