Chart of the day

Where do we stand fundamentally?

As of late September 2024, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, has been performing well, showing resilience in a volatile market. On September 24, 2024, SPY closed at $571.30, marking a modest 0.29% increase for the day. Over the past ten days, SPY has gained approximately 4.1%, buoyed by strong market sentiment and increased trading volume, which hit 39 million shares.

SPY is breaking above the 570. This breakout of a bullish consolidation will open an extension higher to 650. Invalidation of this immediate upside extension could come upon a break below 560.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 527. As said this extension higher could lead to a 630 target in the medium-term to long-term if the SPY holds the gains above 570.

_{Try a long trade entry with a narrow stop loss below 550 to target 620 and higher.}