SPY Daily Commentary | S/R
Updated
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Happy Wednesday!
Hump day. Middle of a down week. What's expected?
Couple scenarios:
1) Bear flag continuation. Target 324ish
2) Tag & Reverse at weekly S/R of 332
3) Gap fill (342.3ish) - Get near bear flag channel top (345.41) - proceed down
4) Miss gap - stairwalk to 332
Intraday will give more details regarding todays move. Gaps below seem like juicy targets. The difficult area is going to be a break and hold of 332 for the bears.
Graveyard Shift / Morning Crew
Graveyard Shift: Drove through the gap. Bears flexing, they can clean it up if they so please.
Morning Crew: Gap up. Kinda bullish, the gap from Friday is going to be a battle ground right now.
Futures Crew (/ES)
Bulls trying to work their way back up. Couple levels they need to cap and hold to gain ground.
3385
3395
3402
May be safe to resistance zone this as 3385-3405
Resistance levels
(Pre-Market) 337.82
(See Shared Chart)
Support levels
(Pre-Market) 335.16
(See Shared Chart)
Gaps
356.37 - 357.48
338.05 - 342.29
331.18-330.06
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!
Like the idea and follow me for intraday SPY commentary!
Happy Wednesday!
Hump day. Middle of a down week. What's expected?
Couple scenarios:
1) Bear flag continuation. Target 324ish
2) Tag & Reverse at weekly S/R of 332
3) Gap fill (342.3ish) - Get near bear flag channel top (345.41) - proceed down
4) Miss gap - stairwalk to 332
Intraday will give more details regarding todays move. Gaps below seem like juicy targets. The difficult area is going to be a break and hold of 332 for the bears.
Graveyard Shift / Morning Crew
Graveyard Shift: Drove through the gap. Bears flexing, they can clean it up if they so please.
Morning Crew: Gap up. Kinda bullish, the gap from Friday is going to be a battle ground right now.
Futures Crew (/ES)
Bulls trying to work their way back up. Couple levels they need to cap and hold to gain ground.
3385
3395
3402
May be safe to resistance zone this as 3385-3405
Resistance levels
(Pre-Market) 337.82
(See Shared Chart)
Support levels
(Pre-Market) 335.16
(See Shared Chart)
Gaps
356.37 - 357.48
338.05 - 342.29
331.18-330.06
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
looking at the gap box as the first hurdle. bulls need to get into their and cap above 339.5 to have a shot at clearing it out today.Note
of note:vix is starting lower.
p/c ratio is lower.
Note
out the gate, bulls not trying to buy into the gap. buyers should be waiting around 335.5 if the bulls give up 336.66 with no fight.Note
bulls did a save at 336.66. getting a retracement now. not capping the premarket should net a pursuit to 335.5Note
uh oh. Bulls held the line again. working into the gap now.
looks like plan 3 is in effect
work the gap. up to the channel top
expecting pushback at 339.5 as a start.
Note
forgot to load lines. all loaded now.
Note
cautious run up to 340.bulls taking their time right now.
Note
getting the push now. not much rejection from the bears in this breakout candle.
next candle is the retest.
bears will try and test 340
Note
Bulls slowly creeping up still. of note: the rejections are increasing in size since this morning. Bulls are buying it right back up. So theyre after a target. 342ish is the next golden line, with the top of the gap close to it.
If that is the goal today, it should look like a float up to there.
Always making space for the 2 o clock drop shop to appear and cause heartaches.
vix is rising, along with the p/c ratio.
Note
its a watching paint dry kind of day so far...bulls getting to the top of the gap.
theyll need want to keep pressure on 342.5 and hold 339.5
getting closer to 2 o clock. and bears have yet to make any move.
vix is down, double bottoming.
p/c is leveling out back to this morning.
could be a surprise drop, but bulls are still good at this time.
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