SPY - TA Update 10 Dec 2022

$SPDR S&P 500 ETF(SPY.US)$
Past month analysis: -

Basic principle in TA is defining trading ranges.
And SPY has obviously taken a range 393-401 for the past month.
It had a break above and fail (when Powell spoke) but has since came back into range and Friday 9 Dec PPI did not help, bringing SPY to close low and even quite a sell off in the last hour.

Looking forward this coming week

- Likely to stay in range, but Monday could see a break below 393 and test 390
- 390 remains a key level of support and if broken below, it is likely to go for gap fill SPY 380 ==> So 390 is a do-or-die level!!
- Depends alot on catalyst coming up - CPI 13th Dec (will it be hot?) and FOMC 14th Dec (will Powell do 0.75 or 0.5?)

Clear as mud is this
- Bad CPI ==> 390 might not hold
- Bad CPI leading to a 0.75 ==> 380 might not be the worse! Possibly re-test 373 again
- Any positives, will break 401 and re-test trend line 404/407/411