SPY Daily Commentary | S/RLooking for support and resistance lines?
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Happy Wednesday!
Met with another late save by the bulls yesterday, what could the market be planning? It's the notorious 'hump day', which is coming with a nice surprise, Fed talk. 1800GMT = 2:00pm EST
How convenient, 2 o' clock drop crew enjoys appearing around this time.
*People have been inquiring on the "2 o'clock drop". There's no scientific or quantitative to back this claim. It's an anecdotal observation. Market mover's have been appearing around this time in recent past, more than twice, so there's a pattern that can be conjectured. No gurantee it's at 2pm, that the market will go down, or that it even happens. It's a hunch based off market characteristics at best.
In any case, market got saved at the last minutes yesterday. Bulls have a target in mind, and they don't want bears coming in yet. How are thing looking today?
Bulls Case:
Stayed above the weekly S/R
Made a 'higher high" on the daily
Gapping up
Decreasing sell volume
Bear Case:
Rejection below the golden line (342.5)
In bear flag consolidation from the high
Intraday will give more details regarding todays move.
Graveyard Shift / Morning Crew
Graveyard Shift: Drove up to find resistance at 341
Morning Crew: Gapping up this morning. Bulls are looking to cap 342.5. Bears are driving them down from a open at 342.76. Withing reach, bulls will want it sooner than later.
Futures Crew (/ES)
Bulls climbing the stairs up. Theyll want to be cautious around 3420. There should be a little pushdown on this second tap. but keep pressure up, theyll bust through it.
Two big numbers today:
For Bulls: 3420
For Bears: 3370
Resistance levels
(Pre-Market) 342.76
(See Shared Chart)
Support levels
(Pre-Market) 341.58
(See Shared Chart)
Gaps
356.37 - 357.48
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
www.tradingview.com
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!
