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March 18 S&P 500 Update – SPY’s Weekly Open at Resistance

$SPY had a weekly open with a bullish gap higher. This weekly open is at the white resistance line, and SPY has been trading sideways within a range between the light blue trendlines with lows around $508 and highs around $517. Why is SPY bullish today? Nvidia has an important GTC event today, and investors are hopeful that Nvidia can continue to carry the stock market on its shoulders. There is an FOMC meeting on Wednesday that will be important this week as well. For now I think SPY continues trading within this range.

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