SPY: Target Reached, It's Time For An Update (Technical Analysis)

Nov. 14, 2022 8:28 AM ETSPDR S&P 500 Trust ETF (SPY)IWM, JNK, VIX, SP5008 Comments
Mirco Lysek profile picture
Mirco Lysek
1.56K Followers

Summary

  • SPY reported a performance of over 10% since my last call on October 7, 2022.
  • The undergoing reversal may have some further upside potential but SPY is facing its EMA200 and could likely be testing some support levels before setting up more momentum.
  • SPY has completed its Elliott Impulse sequence and could be in the process of forming the last leg of its corrective wave sequence.
  • In this technical analysis article, I show important price levels, underlying indicators, and metrics that could be considered by investors to gain an edge on SPY’s likely price action.

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In my article "SPY: 2008 Vs. 2022, Does History Repeat Itself?" published on October 7, 2022, I explained the technical similarities but also the differences in the underlying situation characterizing the price-action of the S&P 500 Index (

MMFI vs MMTH

Author, using TradingView

Sectors Performance 1Y vs 1M

finviz

VIX vs SPY 13.11.2022

Author, using TradingView

JNK 13.11.2022

Author, using TradingView

SPY vs IWM Actual Situation Weekly 13.11.2022

Author, using TradingView

SPY Short Interest

nasdaq.com with data from FINRA

SPY vs IWM Likely Outcome Daily 13.11.2022

Author, using TradingView

This article was written by

Mirco Lysek profile picture
1.56K Followers
Full-time trader with 18+ years of experience in stocks. Master's Degree in Management specialized in Finance and Strategy. It’s all about managing the risk: Being wrong is unavoidable, staying wrong is a choice. While I enjoy giving my opinion on long-term investment opportunities, my focus is oriented toward momentum and mid-term position trading, as I leverage my proficiency in fundamental analysis and combine selected quantitative metrics and theories in technical analysis.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: All of my articles are a matter of opinion and must be treated as such. All opinions and estimates reflect my best judgment on selected aspects of a potential investment in securities of the mentioned companies, as of the date of publication. Any opinions or estimates are subject to change without notice. I am not acting in an investment adviser capacity, and this article is not financial advice. I invite every investor to do their research and due diligence before making any investment decisions. I take no responsibility for your investment decisions but wish you great success.

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