SPY $400-$410 Support Level
No need to overthink this one. Pretty clear trend line on a linear chart. Why linear? Cause we aren't looking at multiples in price change, logarithmic wouldn't be best used here, and I have seen many charts showing false trend lines with a log chart.
Logarithmic scales are useful when the data you are displaying is much less or much more than the rest of the data or when the percentage differences between values are important. This is not the case, we are only looking at price change from 2020-2023.
$400-$410 is a strong support level which I expect to hold, or at least bounce off of. However, this does not mean I expect the SP500 to break to new highs. Ultimately, I cannot predict whether we crash or break to new highs, but I would lean to lower lows. So be cautious here.
I plan to open some cheap $420-$430 November calls under $410.
Logarithmic scales are useful when the data you are displaying is much less or much more than the rest of the data or when the percentage differences between values are important. This is not the case, we are only looking at price change from 2020-2023.
$400-$410 is a strong support level which I expect to hold, or at least bounce off of. However, this does not mean I expect the SP500 to break to new highs. Ultimately, I cannot predict whether we crash or break to new highs, but I would lean to lower lows. So be cautious here.
I plan to open some cheap $420-$430 November calls under $410.
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