SPY Daily Commentary | S/R

Updated

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Happy Friday!
Looks like yesterday was a fight for the bulls. Started with a buy the dip crowd. Went on a sell off to the golden line 332.8ish. Then finished with short covering/buy the dip.

How would the market paint the chart today?
Closing above 336.8 is the bulls target (higher high)
Closing under 334 would be the bear target (lower low)
Inbetween is indecision for now. (lower high, higher low)

Either way, still in the bear flag consolidation. Breakdown happens under 332. Got an inverted cup and handle about to form (if they fill the gap and stop). Tough to call with surprises always baking in the oven. Bear flag in a longer bull flag. Still got gaps to fill.

Intraday will give more details regarding todays move.

Graveyard Shift / Morning Crew
Graveyard Shift: Closed under the Daily S/R. Bulls been struggling here.

Morning Crew: Gapping down, climbing up. bearish on its face.

Futures Crew (/ES)
Looks like a breakdown is in the future. 3300-3310 is being picked on. with the bears getting there a lot quicker than the bulls can climb back up.

Two big numbers today:
For Bulls: 3415
For Bears: 3300

Resistance levels
(Pre-Market) 336.15
(See Shared Chart)

Support levels
(Pre-Market) 334.89
(See Shared Chart)

Gaps
356.37 - 357.48
337.7-338.52
331-330.06
327.73-326.63

Extras
On the live chart, I typically run 5's and 15's. Because these are more intraday important, I'll be updating them as they come up. Be sure to check the live is you want more immediate results.

Re-evaluating the chart layout and have decided for simplicity and cleanliness. Important lines are in this presidence:
Black Solid Bold (Weekly S/R)
Gold Solid (Daily S/R)
Dashed Black (Hourly S/R)
Blue Line (Target S/R)
Pink Line (Gap Target)

Shared Chart
tradingview.com/chart/oOetWWMH/

Weekly Projection
None this week.

If this helps you, like the chart and feel free to follow me. I freely offer intraday SPY commentary. Thanks for taking the time to read. All of this information is my interpretation and shouldn't be taken as trading advice. Good luck out there traders!

Note

bulls are struggling out of the chute
losing the pre low is gonna bring more bears out of the woods

Note

if the bulls lose the pre low, their going to be tested at 334
this was a battleground yesterday and the market remembers.

Note

bears came out strong.
bulls should show up near the golden line
if they dont rocket up, it's gonna be a slow climb, then bears can swoop in for the kill

Note

this is the pullback
bulls would need to cap 334.5 to try and hit pre low.
if not, bears will give another go to the golden line.

Note

up to the pre low. bulls need to work this area and hold 335 for a couple candles before moving up.

Note

fighting for the first hourly candle.
bears to keep it under the pre low for the win
bulls close it above

Note

bears went to the golden line.
now what?
bulls aiming for 334.5 again
if they come up short, its a lower high and the bears go again, trying to get below the golden line.

Note

bulls didnt get up fast enough.
its around the mid morning pivot time though
lets see what they can do.

Note

well not very good for bulls, the golden line was the rejection and now the bears can work the weekly support.

Note

bears worked the support and cut through the gap below.
they came up short of the next gap and the next gold line.
it was only a matter of time

now the break down would be near 332.
some point, today or next week
there should be a retouch of this area before goiing further down.

Midkniteskyz

Related publications

SPY Daily Commentary | S/R

by Midkniteskyz

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