SPY Daily Commentary | S/RLooking for support and resistance lines?
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Happy Tuesday!
Yesterday was a bull rescue of a day. Today is a make it or break it for them now. What's the crystal ball saying?
Bulls Case:
Working back up to the breakdown candle 342.5
Saved a bull trap unfolding yesterday
CAHOLD (Close Above High Of the Low Day)
gapping up
Bear Case:
Stopped bulls closing above the weekly S/R
Still in the breakdown candle
Daily indicators are in favor of bears right now
With the gap up this morning, bulls are trying to work out of this breakdown area. Bears would need to strip confidence early and keep pressure down to get the snowball rolling in their favor. As bulls prep for their push above 342.5, caution should be exercised.
important numbers today?
340 & 342.5 up
334 down
Intraday will give more details regarding todays move.
Graveyard Shift / Morning Crew
Graveyard Shift: Nothing Special. But 338 was the saving area. Its a clue
Morning Crew: Gap up. Tight range. Bulls want to keep pushing up on the 342 area to get their break out.
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: 3365
Resistance levels
(Pre-Market) 341.66
(See Shared Chart)
Support levels
(Pre-Market) 340.6
(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!
