SPY Prediction 10/31/2024 SPY might hit the support level on the chart and fill the Gap. If not we are looking for the support level below
SPY trade ideas
SPY Just a follow up on SPY TA .We have been trading in a ascending wedge for the pass week. 586.12 has been a strong area to break. we are also loosing buying power with in this pattern. The pattern is a daily and 4 hour trend that has strong respect.
ETF SPY weekly (log)Hello everyone,
Weekly chart in logarithmic scale.
The channel is bullish, we are in the upper part of the channel, but I do not see any bullish exaggeration.
The 200-period simple average is bullish in orange on the screen.
In any case, investing in the SPY is a very good investment.
Make your own opinion, before placing an order.
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$SPY TomorrowAMEX:SPY looking bearish for tomorrow. With the sell off after MSFT and META earnings, markets might bias to the downside tomorrow.
Double Bull Flags on an Ascending Triangle breakout on the dailyDaily, double Bull Flag, on top of an Ascending Triangle Breakout. Golden Pocket on the Fib Ext is $588 🥂
SPY - Gann and Fibonacci SPY is sincerely following Gann and Fibonacci Tool towards Nov 29th.
Let's see if it push to the red zone or break below of it, wait and watch.
Ascending ChannelBased on the chart, the current trend appears bullish but shows signs of potential consolidation or hesitation near the upper resistance. Here are key observations:
Upward Channel: The price is moving within an ascending channel, generally a bullish signal, as it reflects a series of higher highs and higher lows.
Consolidation Near Resistance: The price action near the top of the channel suggests consolidation. This could indicate a bullish continuation if it breaks above resistance, but if it fails to do so, there could be a bearish reversal down to the support trendline.
Election Date Impact: The November 5th marker might act as a catalyst. If uncertainty or risk increases around the election, we might see more volatility, potentially breaking out of this channel.
For now, the trend remains bullish within the channel, but keep an eye on resistance and how the price behaves as it approaches that key date. A breakout would be bullish, while a reversal could signal a short-term bearish move.
Framing of my routine on 5min 15min drawings of 10/30/2024Using Today chart as example. We see pullback test at 5min ORB high.
showing respect to prev breakout price!
good news for bulls!
and 5min also held the (S),
by rejection of closing back above (S) on the 2nd candle.
showing us a fakeout, tricked some impatient bears.wasted BP. sad.
SPY Technical Analysis for Oct. 30, 2024Technical Analysis
Resistance Levels:
585.26: This level represents a recent high and serves as a short-term resistance. If SPY breaks and holds above this, it could lead to further bullish momentum.
584.44 and 583.05: These are additional resistance zones, highlighted in red, which could act as potential selling zones if SPY approaches them.
Support Levels:
582.98: This support level has held several times, indicating it’s an area of buying interest. A breakdown below this could indicate bearish sentiment.
578.46 and 577.61: These lower support zones could come into play if SPY sees increased selling pressure, providing areas to watch for a possible bounce.
Trendlines and Patterns:
The downward-sloping trendline is broken, suggesting a shift from bearish to bullish sentiment, at least temporarily.
A consolidation zone around 580-582 (marked in green) indicates a demand zone where buyers have previously stepped in. This could act as a key support if SPY retraces.
Volume Analysis:
Volume has shown some spikes near the resistance levels, indicating that traders are actively watching these levels. If SPY approaches these levels with high volume, it might either push through or face strong resistance.
Momentum Indicators:
The momentum indicator below the price chart is beginning to show bullish divergence, indicating that momentum may be shifting in favor of the bulls. This is supportive of a potential continuation to the upside, but it would require confirmation by holding above key support zones.
Directional Thoughts
For tomorrow:
Bullish Scenario: If SPY opens above 583.05 and holds, it could attempt to test the 585.26 resistance. A strong breakout above 585.26 with volume might lead to further bullish moves.
Bearish Scenario: A drop below 582.98 might lead to a retest of the 580.83 support level. A failure to hold above this could see SPY move towards the 578.46 level.
Given the broken downtrend and initial signs of bullish momentum, I’m leaning toward a bullish outlook for tomorrow as long as SPY stays above the key 582.98 level. Watch for entry points near support and potential targets at resistance levels.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Trading involves risk, and you should consult with a financial advisor to ensure it aligns with your individual circumstances. Always do your own research before making any trading decisions.
Spy idea Massive Macd divergence . I think tomorrow it gaps up but will quickly vanish . I expect 575 then 566 targets in November . We will see if this structure fails and spy goes up but even if it does as high as588 it will fall back down to support . That’s what I think bought a put option today at close for end of November
Chop, Chop, Chop!!! ES/SPY Weekly Analysis!It’s Tuesday’s and SPY and ES are still awaiting a breakout. Price action has been very choppy the past few days, with no clear sign of direction. We notice that ES has a 2HR FVG above at 5910. Once ES fills this gap, we could be ready to break out and continue up, forming new all time highs. But keep in mind we could also hit our heads at that level and fall back down.
Looking at SPY on the daily chart, we notice that SPY has a wick left in a daily FVG below at 573. This is usually an indicator that price action will want to come back down at some point. Timing it is key, while also remaining patient for the right set-up to reveal itself.
This Friday is Non-Farm Employment Change. A time when the markets can produce some really volatile moves. As we are approaching Friday, we are studying the candlesticks to see how they form patterns, signaling the upcoming break-out. We have been trading in a tight range on SPY from about 585 to 580, with a few wicks dipping its toes into the 578 area.
This week closes with Non-Farm Employment Change, and next week closes with a new U.S President and new federal finds rate. We are not yet sure which event will be the catalyst to the breakout, either up or down. These events will cause a lot of emotions and possible volatility in the markets, so it really could go either way.
Tonight when ES opened back up this evening, we see how it gapped up. A gap up usually means an immediate pullback. Once price action comes down to fill the gap, we would need price to stay down if it were to continue to fall. If we find support then it’s possible we could chop a bit longer, or make our way to the upside!
SPY Topping: Circle Theory?Been trying circular "TA" on a few different stocks, and trying out this pattern I started using and seeing results from w/ GME.
Seen here using GME:
How my chart look, using (S)&(R) with OrbFib. Open~Close.When Market open:
1) wait 5min close to draw Orb Fibonacci(0%,0.5%1.0%,1.5%,2%)
wait 15min to close to draw Orb Fib.
2) Keep looks for (S) anf (R) to draw after 5min&15min candles close.
3)use (Support)&(Resistance) from your "drawing" and (Support)&(Resistance) from "Orb Fib" levels to CALCULATE your Risk to decide where is to enter trade.
Sniping tips: Entry signal look for (S) or (R) pullback rejection by bouncing the level of (S)/(R),
Reason is bc it show solid respect to that specific (S) or (R).ITo me it's an area that Price is not ready to break over/under yet.
That will allow you time use that current new (S)/(R) rejection entry to aim that prev (S)/(R)!
and Possibly break out of that too, just make sure you are following the bigger picture trend!
SPY - Still Bullish?AMEX:SPY - SPDR S&P 500 ETF - just keeps moving up. Price is about 10% away from price target #3 of $623. Price has been moving as if an algorithm is controlling it. When it hits the topside trend line it seem to drop down to the 100 day EMA(blue line). Then it pushes back up. This is one to watch!
Nightly $SPY Prediction for 10.29.2024⏰8:30am
Goods Trade Balance
Prelim Wholesale Inventories m/m
⏰9:00am
S&P/CS Composite-20 HPI y/y
HPI m/m
⏰10:00am
CB Consumer Confidence
JOLTS Job Openings
#trading #stock #stockmarket #today #swingtrading #charting #investing
Possible Second Entry Long In the SPYToo long to watch recap:
Bull Case:
Hit the top of the keltner
Bounce off the 20 ema
Second entry possible formation on todays candle
Inside bar formed today
Bear Case:
Strong selling
Bulls sold to break even but, they need a reason to come back
Modified MACD showing strong bear volume
Expired SPY Weekly outlook. 4th WK OCT 2024Expired SPY Weekly outlook. 4th WK OCT 2024
> BULLISH 📈 HIT
Prior Week Closed Price: 584.59
This Week Target Price: 587
Strike Price: 586.12 on OCT 24, 2024
Upper Range: 599
Lower Range: 575
SPY Pullback: Time to Consider New Swing Long Positions!While AMEX:SPY remains in a strong uptrend, today’s 0.5% decline offers a healthy retracement for swing traders looking to enter long positions at more favorable levels. I don’t expect this pullback to last long or be of significant magnitude, but the short-term weakness is evident, creating an attractive window to buy into the trend. Watch for upcoming signals, as this dip could present a fresh opportunity for the next upward move.
The technicals support this outlook:
Relative Strength Index (RSI): 63.85 (Neutral), indicating the market isn’t oversold yet, leaving room for more downside before a potential rebound.
MACD Level: 5.77 (Buy), signaling positive momentum and supporting the overall bullish trend.
Momentum (10): 12.81 (Buy), confirming underlying strength in the uptrend.
Exponential Moving Averages (10, 20, 50, 100, 200): All in “Buy” territory, reinforcing that the uptrend remains intact despite today’s pullback.
However, Stochastic %K (90.36) and Commodity Channel Index (192.15) point to potential short-term exhaustion, suggesting this is a brief pause before the next leg higher. Swing traders should stay alert for a better entry point at any moment.
Action: Stay tuned for a buying opportunity and follow me to see when I make my next move into the trend!
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Trading involves risks, and you should only invest what you can afford to lose. Always do your own research and consult with a financial advisor before making investment decisions.
Top 5 Weekly Trade Ideas #2 - SPY LongJust a 15m chart here but I think it's important for action early this week. Futures are up overnight so far so if that holds I'll be looking for SPY to open around or above $580.86. If it can open above, will be looking for longs on a retest in addition to potential support on the trendline below at the same time. That'd be ideal, but if it can't reclaim $580.86 early on this week I'd expect a move back down to $575. That could be a good long if it holds or a potential short on a retest if it breaks below.
Just a thought This chart showcases a symmetrical triangle pattern formed after an uptrend, indicating a potential continuation pattern. Here’s a breakdown of the key components visible:
Symmetrical Triangle Pattern: The price is consolidating within two converging trendlines. This pattern suggests indecision between buyers and sellers, and it often resolves with a breakout. Given that this pattern formed after an uptrend, there’s a higher probability of an upward breakout, though a downward move is also possible if market sentiment shifts.
Moving Averages: The chart shows three different moving averages (TEMA), providing insights into trend direction. The moving averages are currently positioned close together, suggesting the asset is at a crucial decision point. A breakout above or below the triangle could lead to a strong directional move, depending on where the price closes relative to these averages.
MACD Indicator: The MACD histogram shows signs of slight bearish momentum, with the MACD line below the signal line. However, the indicator appears to be in a neutral range, meaning a breakout from the triangle could trigger a shift in momentum. Watch for the MACD to cross above or below the signal line, as this will provide further confirmation of the trend direction.
Cycle Indicators: The chart includes green arcs that seem to denote cyclical points, with a possible upward cycle ending around early November. This could imply a potential breakout timeframe.
Key Levels: If a breakout occurs:
Upside: A breakout above the upper trendline would signal a continuation of the previous uptrend, with potential resistance at recent highs.
Downside: A breakdown below the lower trendline could indicate a reversal or retracement, with support at previous lows and moving average levels.
Timing: The dotted red vertical line marks an upcoming date (November 5), potentially indicating an important decision point for the asset.
Summary
This setup suggests a possible breakout around early November. An upward breakout could indicate a continuation of the previous trend, while a breakdown would signal caution. Monitoring the MACD, moving averages, and price action around these trendlines will provide more clarity on the next directional move.
SPY/QQQ Plan Your Trade For 10-28 : Top Resistance PatternToday's SPY Cycle Pattern is a Top Resistance pattern in Countertrend mode.
I believe this pattern will represent a moderate early topping price action in the SPY/QQQ - resolving slightly to the downside, then rolling into an upward price trend near the end of the day.
The reason I believe this to be the case is because of two factors.
A. The Countertrend mode suggests the top will actually be a moderate bottom in price (a pullback resolving as a base/bottom).
B. The continued bias for the markets is slightly upward, thus I believe the SPY/QQQ will attempt to reach new intermediate ATHs before we start to move into the pre-election downtrend.
Gold and Silver will struggle today as both appear to be consolidating in a FLAGGING formation.
Bitcoin is still consolidating in the Phase #3 sideways consolidation pattern of the Excess Phase Peak pattern.
Everything is playing out generally very well aligned to my research and cycle patterns. Last week I warned that market price would likely be very difficult in comparison to my SPY Cycle Patterns and that traders should begin to move to protect capital.
This week is the last week you have for any upside opportunities. You need to plan to protect capital (if you plan to) before the pre-election correction. I believe skilled traders will be able to move back into the strongest sectors at a 5.5 to 8.5%+ pullback just after the elections.
That is a smart move if you can pull it off.
Also, don't hold any Gold/Silver futures contracts through the 2-3+ days around the election day. Volatility will be EXTREME and unless you can take the lumps (margin calls), I don't advise anyone trying to trade metals on November 5-6. If you do, get in and get out QUICKLY.
Here we go...
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
S&P sellers kick in, but the market remains strongLast week was marked by some selling activity. As anticipated, sellers took advantage of temporary bullish exhaustion and attempted to push the market down. A strong sell-off occurred on Wednesday, with the market losing 1.2%. However, this sharp decline did not see much follow-through, as the price found strong support at the top of the previous consolidation zone ( 574.7 ). On Friday, buyers even attempted to set a new daily high, but they were unable to maintain it through the close.
All of this leads me to believe that the sellers are not particularly strong, and we remain in a broadly bullish environment. A few key points supporting this bullish outlook include:
1. The weekly uptrend is still intact, and there is ample room for this weekly higher low.
2. There is relative strength in "risk-on" sectors (XLK, XLY), suggesting that bullish sentiment hasn't completely faded.
While we might see some short-term rotation within the 584.5–574.4 range, defined by two daily candle wicks (Wednesday and Friday), the long-term outlook remains decidedly bullish.
This week, important economic data will be released, along with earnings reports from major tech companies. This is likely to cause increased volatility, but unless there are major negative surprises, bullish sentiment should remain solid.
SPY Technical Analysis Oct. 28, 2024Detailed Support and Resistance Levels
Support Levels:
574.36: This is a crucial support level. If SPY stays above this level, it may serve as a solid base. If it breaks below, expect further downward pressure.
571.35: This is the next key support level. A break below this could indicate a stronger downtrend, potentially bringing SPY down to lower price ranges.
Resistance Levels:
577.75: This is the immediate resistance SPY would need to break to regain bullish momentum. If SPY can close above this level, it could show buyers are stepping in.
579.24: This level will be a strong resistance point if SPY attempts to break upward. A successful close above this would suggest a short-term reversal.
581.16: If SPY breaks through previous resistance levels and trades above this one, it may confirm a reversal and could serve as a potential exit for bullish positions.
Entry and Exit Points
Bullish Scenario (if SPY breaks resistance):
Entry: Consider entering a long position around 578 if SPY breaks above 577.75 with strong buying volume.
Exit: Set an initial profit target at 581 (near the next resistance), with a potential higher exit target at 585 if momentum continues upward.
Stop Loss: Place a stop loss slightly below the 577.75 resistance (around 576) to limit downside risk.
Bearish Scenario (if SPY breaks support):
Entry: Consider entering a short position around 574 if SPY breaks below 574.36 with strong selling volume.
Exit: Set an initial target at 571 for a quick scalp. If SPY moves further down, consider a final target near 568.
Stop Loss: Place a stop loss slightly above 574.36 (around 575.5) to prevent excessive losses in case of a quick rebound.
Neutral Scenario (Range-bound play):
If SPY remains between 574.36 and 577.75, it may be suitable for quick, range-bound trades. Buy near support (574.36) and sell near resistance (577.75) with tight stops to manage risk.
Summary Strategy
Bullish bias: Enter around 578, targeting 581 or 585.
Bearish bias: Enter around 574, targeting 571 or 568.
Range-bound play: Trade between 574.36 and 577.75 for quick scalps if no breakout occurs.
Disclaimer: This analysis is for informational purposes only and is not financial advice. Market conditions are volatile, and trading involves risk. Always consult with a financial advisor before making any trades.
