SPY August Projection Wk 2
Like the idea and follow me for intraday SPY commentary! :)
August Wk 2 Thoughts
With major earnings over and a rush to fill the gap, will bulls aim for a new high or bears move in for the pullback?
1) Weekly Time Frame
Price has held above a strong resistance price around 327.5ish, risen above the S/R from Jan-Feb, and broke out of an ascending wedge. One word: bullish. This week will be the eyeing for a confirmation of bull behavior.
2) Daily Time Frame
Breaking out of the ascending wedge bulls are looking to hit a target 335.41. The expediency of the push cause two gaps to form. These are naturally attractive to fill, and the further away they get from them, the larger the drop to fill them. As of now though, 335 is a psychological resistance and close to the bulls target.
3) Side Thoughts
Be cautious being bearish at 335. Getting stopped out is the market game. Make sure there's confirmation of a trend change before hopping in.
Important S/R
335.41 (Flag target)
335 (Psychological)
331.65 (Jan/Feb S/R)
327.59 (3x Resistance)
325.12 (Flag breakout)
Unfilled gaps
Up
N/A
Down
331.13 - 330.06
327.73 - 326.63
296.74-295.63
291.95-286.28
August Historical Perf
Last year Close: -1.73%
Last year Hi/Lo Diff: 6.43%
3yr Avg Close: 0.46%
3yr Hi/Lo Diff: 4.59%
5yr Avg Close: -0.92%
5yr Hi/Lo Diff: 5.99%
If this helps you, like the chart and feel free to follow me. I freely offer intra-day 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!
August Wk 2 Thoughts
With major earnings over and a rush to fill the gap, will bulls aim for a new high or bears move in for the pullback?
1) Weekly Time Frame
Price has held above a strong resistance price around 327.5ish, risen above the S/R from Jan-Feb, and broke out of an ascending wedge. One word: bullish. This week will be the eyeing for a confirmation of bull behavior.
2) Daily Time Frame
Breaking out of the ascending wedge bulls are looking to hit a target 335.41. The expediency of the push cause two gaps to form. These are naturally attractive to fill, and the further away they get from them, the larger the drop to fill them. As of now though, 335 is a psychological resistance and close to the bulls target.
3) Side Thoughts
Be cautious being bearish at 335. Getting stopped out is the market game. Make sure there's confirmation of a trend change before hopping in.
Important S/R
335.41 (Flag target)
335 (Psychological)
331.65 (Jan/Feb S/R)
327.59 (3x Resistance)
325.12 (Flag breakout)
Unfilled gaps
Up
N/A
Down
331.13 - 330.06
327.73 - 326.63
296.74-295.63
291.95-286.28
August Historical Perf
Last year Close: -1.73%
Last year Hi/Lo Diff: 6.43%
3yr Avg Close: 0.46%
3yr Hi/Lo Diff: 4.59%
5yr Avg Close: -0.92%
5yr Hi/Lo Diff: 5.99%
If this helps you, like the chart and feel free to follow me. I freely offer intra-day 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!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.