1. SPY price near 595.14; upward move to 596.57 crucial for bulls. 2. If SPY sustains above 598.04, buyers may aim for 599.24 or 600.51. 3. Failure to hold 595.14 could initiate a decline towards 593.73 or lower. 4. Upcoming Non-Farm Payrolls data may add significant market volatility. 5. Traders advised to stay nimble and monitor key levels throughout the session.
Current support around 595.14 is strong; potential upside targets range between 596.57 to 600.51. Historically, sensible buying opportunities have led to upward momentum when such critical support levels hold.
Given the importance of the upcoming economic data and the specific guidance on SPY's immediate price levels, there's a significant likelihood of traders directly reacting to the outlined support and resistance zones.
Price movement is tied to immediate upcoming data releases which can cause volatility. This suggests a focus on short-term trading strategies is most pertinent.