1. SPY needs to hold above 515.68 to remain bullish. 2. A breakout above 518.04 targets 519.71 and 521.85. 3. Failure below 515.68 could shift momentum towards 508.83. 4. Overall market sentiment remains volatile, with possible intraday swings. 5. Traders advised to monitor key support and resistance levels.
SPY's critical support levels suggest potential upward movement. Strong bullish consolidations often lead to continued buying, as seen historically in Q2 2020.
Article emphasizes traders' focus on support/resistance levels critical for short-term trades. Strong market pulse can swiftly influence the S&P 500's direction.
The immediate price action around key levels will influence short-term trading strategies. Volatility is expected due to market sensitivity.