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SPY’s all-time high was made in January 2022, at $479.98.
SPY-Daily Chart
For now, the chart looks clear. If SPY pushes over 460, we can expect more upside at least until we get near the ATHs.
Should those levels clear, then we are in uncharted territory therefore it is hard to predict a target.
On the flipside, $415 is a clear line in the sand of support.
That statement was from December 1st.
Here are some updated thoughts to add to the great content of our Outlook:
December 22nd is the start date of a Santa Claus Rally. (last 5 trading days)
However,
If Santa Claus should fail to call, bears may come to Broad and Wall.”
What does that mean for now?
SPY gets close but does not clear ATHs.
Extreme greed hit recently along with record inflows.
Folks are convinced the FED will lower rates in 2024.
All positives got too ahead of themselves.
Some of our predictions
If at the close of December, SPY closes under 470, January and 460 is key and pivotal.
If SPY just hangs in there and does not fail, then small caps and retail can shine.
ETF Summary
S&P 500 (SPY) 480 all-time highs 465 underlying support
Russell 2000 (IWM) 200 pivotal and 194 support
Dow (DIA) Needs to hold 370
Nasdaq (QQQ) 410 resistance with support at 395
Regional banks (KRE) 47 support 55 resistance
Semiconductors (SMH) 174 pivotal support to hold this month
Transportation (IYT) Needs to hold 250
Biotechnology (IBB) 130 pivotal support
Retail (XRT) Huge gap up last 2 days of the week that now needs to hold.
Source: Investing.com
