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SPY Resistance Turned to Support

Written By: ChartChamp

July 2, 2024

SPY has been facing resistance at this key white resistance line dating back to Nov. 2022. This week SPY is attempting to flip this resistance line into support. I would carefully monitor $542.50 to make sure the price holds above support here. The last time SPY didn’t successfully hold so it is possible for the support level to hold. July is seasonally bullish and it looks like we are seeing a bullish bounce so far. The price managed to hold despite Powell’s speech today, he usually causes a selloff.

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