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S&P500: Key Support Level for SPY Bulls to Defend

Written By: ChartChamp

October 30, 2023

The S&P 500 been gradually breaking downwards since peaking in July. $SPY has reached the bottom of this red parallel channel last week. This is a key support level that has been providing strong support, and it is important for SPY bulls to defend this price level this week. The RSI is oversold so the conditions are good for a rebound here.

SPY TradingView Chart:
https://www.tradingview.com/chart/SPY/oWspwNGJ-S-P500-Key-Support-Level-for-SPY-Bulls-to-Defend/

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