SPY Daily Commentary | S/R

Updated

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Happy Monday!
Bulls are working their way back up the breakdown candle starting last week. 330.85ish is what the bulls need to stay above to continue their climb. Expecting that the breakdown level of 333ish start getting tested again, since they didnt do it last week.
All things considered, looking at this as consolidation from a pullback conducted within a long term uptrend.

Intraday will give more details regarding todays move.

Graveyard Shift / Morning Crew
Graveyard Shift: nothing special

Morning Crew: Gapping higher. Right near the 333 retest level. As normal, there's a little gap available to trade at 329.58

Futures Crew (/ES)
Bulls making a large rush to get away from the 3200 important area of support. Looks like they're aiming for 3400 to retest longer term. This is an important resistance area. Bears expected to show.

Two big numbers today:
For Bulls: 3365
For Bears: 3310

Resistance levels
(Pre-Market) 333.52
(See Shared Chart)

Support levels
(Pre-Market) 332.64
(See Shared Chart)

Gaps
356.37 - 357.48
337.7-338.52

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 have a nice gap, but the bears will want to fill the gap from friday sometime.
right now being near the pre high, bulls will want to start capping some higher levels, if they want to hold off the gap fill.
may run out of steam holding price. lets see if the bears end up tapping the pre low

Note

333 is a nice win for the bulls. Theyll want to keep it while they up. but the bears see this as skipping what would've been a resistance retest

Note

bulls getting worked under. if they cant get back above the golden line, bears will likely try and visit the pink line

Note

little low on the volume side.
any big fish will cause some larger movements.

Vix is up, not a lot. but for a 'green day' kinda interesting.
p/c ratio is low. 1.3 around

Range is a little small for a morning.
could be a floater of a day, just channel surfing with to robots.

Note

got some volume. getting close to 335.
near the end of the hour, bulls laying some clues for the day.
bears will need to put pressure to change the tune, or the price will lkely continue to float

Note

bears trying to test the pre high

Note

bears tested and the open and bulls held
got a little ascending channel on the 15m
334.3ish is where the bulls are knocking at right now.
the longer they float under and the more higher lows, the better the breakout.

Note

bears coming in for a sneak attack on the bulls
noticing that everytime the bulls get out of the premarket levels, bears bring them back in. not the best case scenario.

Note

bulls working up for a breakout. lets see if they can pulls it.

Note

theyre up. now theyll be taking cautious steps around the 335-335.5 range.

Note

also, could have the 2 o clock drop crew stop by here soon, just to shake the weak hands

Note

anything goes into the end of the day.
looks like profit taking is the recipe from here on

Midkniteskyz

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