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SPY Trading in a Resistance Zone

Written By: ChartChamp

November 26, 2024

The S&P has reached $6,000 which is a very impressive milestone. I think SPY has been trading around my to key resistance targets which currently give a price level of $600 and $622. SPY is likely to continue facing resistance in this yellow zone for now. I think there will be a period of downside headed into the holidays, and I would monitor for a potential Santa rally headed into Christmas. For now I think there will be sellers around $600 and we can see a selloff headed into Thanksgiving break.

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