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SPY Trading Around Resistance

Written By: ChartChamp

June 17, 2024

SPY has been trading around this white resistance line around $541-542. The resistance level increases over time, and currently gives a price target around $542.26. We have observed NVDA break through a key resistance level and start to melt up due to the 10-1 stock split. I think NVDA could help SPY form a bullish breakout here and also start to a melt up for the stock market. It is important to note that only a few tech stocks are driving the stock market, and the majority of stocks including small caps are continuing to struggle.

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