Skinny on SPY: Sun Apr 21, 2024

RIGHT CLICK IMAGE TO ENLARGE IN NEW TAB SPDR S&P 500 ETF Trust (TradeStation: SPY) / Sun Apr 21, 2024 / 240 MINUTE CHART


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.


515.33 – 240-min Price High

513.07 – midpoint 240-min Price High

510.81 – low of 240-min Price High

509.08 – Fri Apr 12 Old Bottom

506.50 – Tue Apr 16 high

504.13 – Thu Apr 18 high

500.46 – intraday lower high

Resistance Above

Current price:  494.71

Support Below

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

476.94 – intraday low

472.42 – intraday low

469.87 – Wed Jan 17 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 SPY report on Sat Jan 27.

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

Therefore, I'm willing to conduct an experiment to perhaps (not promising) create something NEW that would provide that type of analytical help. My experiment began Mon Apr 15th with a report on the ES futures per my former Skinny on the Markets service. Now I've brought you a SPY report for the week ahead.

NOTE this is NOT a revival of the Trifecta Trading Club. This is an experiment for me to find a way to help traders who will value this the most in a way that I can sustain it.

14 responses to “Skinny on SPY: Sun Apr 21, 2024”

  1. Mark Petry Avatar
    Mark Petry

    I'm in. I really missed your analysis on the spy. Thanks for the help.

    1. John Avatar

      I like this…thanks

  2. Jal Surti Avatar
    Jal Surti

    I deeply miss the Trifecta Trading club report that you published every week. The deep dive analysis on equity positions that you provided were of immense and special interest, because it helped me with my particular investment style of selling long term puts and calls to harvest premium. As a patient and methodical Investor, swinging for the fences was never of interest to my style and strategy. PLEASE PLEASE PLEASE , HIMA, REINSTATE THE TRIFECTA TRADING CLUB REPORT.

  3. Chris W Avatar
    Chris W

    I always find getting a professionals opinion on the market to prepare for the week ahead, very valualble. Especially with the current volatility.

  4. John Kyne Avatar
    John Kyne

    I feel this would help me see your approach well

  5. Steven Taylor Avatar

    Thanks for the info Hima. With what I have learned from your Rsi four zones trading system I felt spy would drop also. Nice to know you and I agree on this. Will let you know of my progress using this system. Spent the morning reading charts and putting targets on several stocks will watch them this week to see how I did. Using the 23,50 and 200 EMA to establish if corrections or trend change. Excited to have a system that I can use . Thanks for everything.

  6. Julie Temlak Avatar
    Julie Temlak

    Thank you Hima!! Love your SPY analysis!

  7. Scott Smith Avatar
    Scott Smith

    Thanks trying some of this Gann on other charts too

  8. Ed Avatar

    Great to have a. Was to this again!

  9. Yifal Shaham Avatar
    Yifal Shaham

    Very interesting and useful for SPY trading.
    Thank you

  10. George Lesic Avatar
    George Lesic

    I appreciate your all your help.

  11. Carlito Avatar

    Great to have your analysis every week, hopefully you will continue. Thank you, CA

  12. Raymond Johnson Avatar
    Raymond Johnson

    I always looked forward to your Spy analysis. I used it to validate my thoughts on direction to support my trading strategy.

  13. Michael H Avatar
    Michael H

    Thank you for sending this SPY analysis. I find it very helpful. I hope you continue to do so.

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Hima Reddy, CMT

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