Mar 23, 2021 (Stock Traders Daily via COMTEX) -- Our job as investors is to pay attention to the stocks we own. Part of that involves looking at the fundamentals, but half of the disclosure comes from looking at price action. The Spdr S&p 500 /zigman2/quotes/209901640/composite SPY -0.08% data table below can help you with price action, and we have more details too. Trading plans for SPY are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports .
The Technical Summary and Trading Plans for SPY help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this SPY Report.
The technical summary data tells us to buy SPY near 383.56 with an upside target of 398.45. This data also tells us to set a stop loss @ 382.45 to protect against excessive loss in case the stock begins to move against the trade. 383.56 is the first level of support below 392.59 , and by rule, any test of support is a buy signal. In this case, support 383.56 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of SPY as it gets near 398.45 with a downside target of 383.56. We should have a stop loss in place at 399.6though. 398.45 is the first level of resistance above 392.59, and by rule, any test of resistance is a short signal. In this case, if resistance 398.45 is being tested, so a short signal would exist.
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