PY Under 200SMA, Critical Support Zones Now $643–$620

Michael Esther
03-23

$SPDR S&P 500 ETF Trust(SPY)$ is under 200SMA at $660. So now we have 4 key levels of support on DAILY chart (bookmark to review later)

1. $652-key level of support held the whole market up but this broke on Friday with volume. Its going to act as heavy resistance now.

2. $643-support level before the massive rally towards $697 so its going to be tested and consolidate it here.

3. $634-If the war last between 1-3 months we are going to see this area which from the chart held multiple times and confirmed buyers. 30% chance we'd get here in April.

4. $620-SPY I'd argue this would be SPY maximum bottom as it would also be 10% correction area from $697. SPY can easily hit 20% drawdown from $697 if this war last longer than 3 months.

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