SPY Briefing for Tuesday 1/30/24

SPY Briefing for Tuesday 1/30/24

Jan 30, 2024

We're coming up on the end of the month and might be seeing signs of window dressing here before any move down can take hold. As for right now, we broke out and made news highs, so 495-500 seems a good area to look for next resistance (unless we break back below 490 over the next couple of days).

Simple plan for tomorrow: watch short-term resistance at 491.42 for a potential breakout and continuation tomorrow and watch for support to (potentially) form around 488.56. We might just see more buyers come in and continue up all the way to 495. The technicals of the cup and handle from the monthly would put us around 498 for a potential top. Something I'm watching over the days ahead. Vix is nearing a bottom. Higher time frames have exceeded overbought conditions. I'm just playing the waiting game again.

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