SPY - TA Update 19 Nov 2022

$SPDR S&P 500 ETF(SPY.US)$
- Still in a range 390 and 401
- A tighter range is 394 to 401
- 397 and above is defended quite strongly by the bears
- 394 is defended relatively strongly by bulls
- The line in the sand is 390 indeed
- Important to note that if break below 390, there is a big gap and little support to hold and will likely go all the way to 380 and then 373.
- Depends on what will be a catalyst upcoming now
- Could be the upcoming thanksgiving holidays where market usually like to run and then go on holiday
- Monday and Tuesday could see a rally and then cool off on Wednesday (Thursday no trading) and Friday low volume
- Also no major economic data except for jobless claims on Wednesday

Conclusion for me
- Moves on Monday/Tuesday and then go dead rest of the week
- Get ready for the following week of GDP on 30 Nov, and PCE on 1st Dec!!!