SPY Builds on Breakouts
There is no change on the daily chart or 60-minute chart as SPY extends after its breakouts. Broken neckline resistance becomes the first support level to watch on the daily chart.
Key Economic Reports/Events:
Fri - Apr 29 - 08:30 - Personal Income and Spending
Fri - Apr 29 - 09:45 - Chicago PMI
Fri - Apr 29 - 09:55 - Michigan Sentiment
Charts of Interest: Tuesday and Thursday in separate post.
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This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation to buy, sell, hold or sell short any security (stock ETF or otherwise). We all need to think for ourselves when it comes to trading our own accounts. First, it is the only way to really learn. Second, we are the only ones responsible for our decisions. Think of these charts as food for further analysis. Before making a trade, it is important to have a plan. Plan the trade and trade the plan. Among other things, this includes setting a trigger level, a target area and a stop-loss level. It is also important to plan for three possible price movements: advance, decline or sideways. Have a plan for all three scenarios BEFORE making the trade. Consider possible holding times. And finally, look at overall market conditions and sector/industry performance.
