SPY - A healthy pullback does not extend beyond the $600 level
$SPDR S&P 500 ETF Trust(SPY)$ : My expectation for a healthy pullback does not extend beyond the $600 level. This is a major support zone defined by the second volume shelf in the chart, which currently aligns with the 50-day moving average (50DMA). However, any initial decline should be defended by the current, upper volume shelf, which is confluent with the 20DMA.
While a bearish RSI divergence remains a significant condition, the market's momentum has been strong (consistent with bullish signals studied). This reinforces the principle that momentum continues until a key level is definitively breached.
A key resistance level we anticipated last week has now been reached. If a healthy consolidation is beginning, $617 should act as a valid initial support, with $600 representing a potential worst-case scenario for the pullback.
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