SPY Daily Commentary | S/R
Updated
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Happy Friday!
Getting some uncertainty signals from the market yesterday. Had a close above the all important number...337.6. This is the battle price. Will the market set a new weekly close high? or will she fall short?
Bull Case: Wednesday we closed below 337.6. This led to a sell off overnight and made a gap down. Normally bearish. but the market clawed back up to close above said number. Therefore, bullish in nature. Buy volume is steady but decreasing from a MA standpoint. Technicals are in the bull favor. 2 sell/ 10 neutral / 16 buy
Bear Case: Gapping down and not getting above the open of yesterday is not very bullish. Pressure to the upside is slowing down. Opening below the whole weeks low leads to more bear control. With bulls pretty overextended, many people are anticipating a reversal. Once this trend is started, the snowball will follow to the bottom of the hill.
Graveyard Shift / Morning Crew
Graveyard Shift: Pushed to close above 338.55, which was an important daily s/r.
Morning Crew: Gap down. nice drop into the start. Bulls have since climbed back up.
Futures Crew (/ES)
Bulls are keeping price above 3365, Which was mentioned yesterday as the important number. They took a drop this morning and are showing consolidation. For bulls, 3400 is where they want to go. Below 3365 and theyll lose that chance.
Resistance levels
(Pre-Market) 337.69
(See Shared Chart)
Support levels
(Pre-Market) 335.85
(See Shared Chart)
Gaps
331.18-330.06
327.73-326.63
Extras
Been pretty busy moving the last week so i haven't been able to post consistently. Should be back on a normal schedule now.
Shared Chart
tradingview.com/chart/oOetWWMH/
*This chart will be shared and updated all day. Come to this idea to get commentary all day for intraday playing. If you would like to know my thoughts for this week, see the chart below*
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!
Like the idea and follow me for intraday SPY commentary!
Happy Friday!
Getting some uncertainty signals from the market yesterday. Had a close above the all important number...337.6. This is the battle price. Will the market set a new weekly close high? or will she fall short?
Bull Case: Wednesday we closed below 337.6. This led to a sell off overnight and made a gap down. Normally bearish. but the market clawed back up to close above said number. Therefore, bullish in nature. Buy volume is steady but decreasing from a MA standpoint. Technicals are in the bull favor. 2 sell/ 10 neutral / 16 buy
Bear Case: Gapping down and not getting above the open of yesterday is not very bullish. Pressure to the upside is slowing down. Opening below the whole weeks low leads to more bear control. With bulls pretty overextended, many people are anticipating a reversal. Once this trend is started, the snowball will follow to the bottom of the hill.
Graveyard Shift / Morning Crew
Graveyard Shift: Pushed to close above 338.55, which was an important daily s/r.
Morning Crew: Gap down. nice drop into the start. Bulls have since climbed back up.
Futures Crew (/ES)
Bulls are keeping price above 3365, Which was mentioned yesterday as the important number. They took a drop this morning and are showing consolidation. For bulls, 3400 is where they want to go. Below 3365 and theyll lose that chance.
Resistance levels
(Pre-Market) 337.69
(See Shared Chart)
Support levels
(Pre-Market) 335.85
(See Shared Chart)
Gaps
331.18-330.06
327.73-326.63
Extras
Been pretty busy moving the last week so i haven't been able to post consistently. Should be back on a normal schedule now.
Shared Chart
tradingview.com/chart/oOetWWMH/
*This chart will be shared and updated all day. Come to this idea to get commentary all day for intraday playing. If you would like to know my thoughts for this week, see the chart below*
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
Out the gate, bulls looking to push and get above the prehigh. If they cant hold it, bears would likely take the price down south.
Note
Bulls managed to cap above the resistance line and drive it up. Unsurprisingly right back to yesterdays high. Getting rejected from here is a sign that bears are not ready to give up 338.8ish.Note
Important right now is the pre market high. If it doesnt hold as some support, bears will gladly drive it downNote
338 was a bounce for the bulls. hovering near 338.8ish and staying above 338.55 would be a tell tale bulls getting primed to push up. mostly likely to 339.05 and looking for support at 339.
Note
bulls have been hanging out here for awhile. had a little fake out to the downside, but still no push.suspicious indeed.
time is important. later afternoon bears like to play. something to keep in mind.
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