SPDN is Neutral after 6.5% Upswing

13 Sep 2023

• Starting in mid-July I starting giving market updates with a $13.90 price target for entering SPDN.
  
• On July 27, SPDN presented that buy opportunity with a drop down to $13.85, just 5 cents under the price target (marked by the white circle).
  
• Since July 27 SPDN had a 6.56% upswing that corresponded with SPY's 3-week correction.
  
• However SPY had a bullish bounce off the red support level and the S&P has been relatively neutral since.
  
• SPDN is currently neutral around the midrange of the Bollinger Band with no clear direction.
  

Key Price Levels:

• SPDN has support at $13.90 and $13.99, but this support level could break if SPY continues its bull trend over the next few months
  
• SPDN's key sell targets on the way up are $15.07 and $15.62.