Skinny on SPY: Sat Apr 27, 2024

RIGHT CLICK IMAGE TO ENLARGE IN NEW TAB SPDR S&P 500 ETF Trust (TradeStation: SPY) / Sat Apr 27, 2024 / 240 MINUTE CHART


On Sun Apr 21 (gray vertical line marks 4:00 PM ET prior Friday), I wrote:


Thus far, price action in April has retraced 25% (495.76) of the Oct/Mar advance. From a weekly perspective, last week’s declines maintained the prior week’s violation of key support at 508.12 (Mar 15 low). Moving to the daily chart, the RSI Power Zones remain weak and are approaching the Bear Support Power Zone.

Looking outside of the broad stock markets, the 10 year yield stalled just shy of the Nov 13 lower swing high. The VIX volatility index backed off after piercing the midpoint of the Oct 23 daily price spike, however it remains above the Apr 18 Price Low. 

Coming back to the SPY on the 240-minute chart (shown above), the outlook is for shares to trade lower. The next downside target is 482.69. 

Recovery gains may delay, but above 500.46 would be needed to offer relief toward 506.50. Gains there would seek 510.81 initially.



Shares traded higher above 500.46 into Mon’s regular session close. They continued higher thru Wed piercing 506.50. 

After correcting lower to 497.49, shared resumed higher once again. This occurred with 240-min RSI holding the Bull Support Power Zone. 


Last week’s recovery higher from 493.86, near 25% (495.76) of the Oct/Mar advance, remains intact.

The outlook is for further upside into the 510.81 – 513.07 zone by Tue Apr 30. Note this is one day prior to the next FOMC announcement on Wed May 1. For perspective on the week, I’ve marked 4:00 PM Eastern Fri May 3 with a yellow vertical line. 

Bears may attempt to resume into May 1, however if this occurs I would like to see it with 515.33 resistance staying intact, as well as the daily RSI Power Zones remaining beneath the Bear Resistance Power Zone.

If there is no further short-term upside as the week begins and shares trade lower from current levels, below 505.70 would risk 500.41 initially. 


526.01 – intraday high

523.87 – Thu Apr 4 high

521.35 – intraday high

519.48 – Thu Apr 11 high

517.11 – midpoint 240-min Price High

515.33 – 240-min Price High

513.07 – midpoint 240-min Price High

510.81 – low of 240-min Price High

Resistance Above

Current price:  508.59

Support Below

505.70 – intraday higher low

503.32 – old high of 240 min Price Low

500.41 – midpoint 240 min Price Low

497.49 – Thu Apr 25 low

493.86 – Fri Apr 19 low

493.56 – Feb 21 low

490.72 – week ending Feb 16 range

488.95 – intraday low

484.30 – old high of intraday Price Low

482.69 – intraday low

~ Background to this report ~

As many of our veteran Tribe members know, I used to write and share S&P 500 SPDR (SPY) ETF analysis once a week. I sunsetted that formal service called the Trifecta Trading Club a few months ago, sharing the last official SPY report on Sat Jan 27.

Some of you have expressed that you've missed receiving that research – pretty deeply.

So on Sun Apr 21st I shared a SPY report for all (you can click back to it from Blog in the menu above). It was the start of my “mad scientist” experiments with bringing back that research in a NEW service.

The experiment is coming to an end, so if you'd like to be the FIRST to know about this new service – doors will be opening soon – be sure to comment below!

14 responses to “Skinny on SPY: Sat Apr 27, 2024”

  1. Ellsworth Avatar

    This is very comprehensive. Your breakdowns are giving me greater clarity on how to engage in the market.

  2. Paul Kujanpaa Avatar
    Paul Kujanpaa

    Thanks Hima for sharing this valuable info. I'm recently retired and trying to get more serious about trading now that I have more time, and still need to make an income. You obviously have a lot of experience and market knowledge to share.

  3. Jimmie Avatar

    Thanks Hima,
    Refreshing insight and forecast. Much appreciated!

  4. Patrick Gardner Avatar

    youre awesome, the tribe loves you.

  5. Joe Ari Avatar
    Joe Ari

    Great stuff
    I trade daily the SPY
    I like to know better about direction-will help me a lot
    Thank you

  6. Charles Fitzhugh Avatar
    Charles Fitzhugh

    Useful insight, when uncertainty reigns and good analysis seems lacking.
    Please keep your wisdom coming.

  7. Steven Taylor Avatar
    Steven Taylor

    Thanks for all the info Hima!

  8. Vasant Avatar

    Yes, am interested in the new service, Hima. Trifecta was very useful.

  9. John Johnson Avatar
    John Johnson

    Hi Hima, I watch the SPY all the time. I’d be interested in hearing your SPY analysis regularly.

  10. Jean Avatar

    Outstanding commentary

  11. Lee Avatar

    Thank you

  12. Roland Avatar

    Thank you for the information.

  13. Peter Vermeulen Avatar
    Peter Vermeulen

    Its looks like a red domination and the RSI is in the Bearish Resistance Power Zone. A move downward seems likely.

  14. bill t. Avatar
    bill t.

    Thank you, Hima,
    Refreshing insight and forecast. Greatly appreciated!

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Hima Reddy, CMT

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