1. Weekly Chart (W1):
* Trend: The weekly chart shows a robust uptrend with SPY staying within a well-defined ascending channel.
* Key Levels:
* Resistance: 605–610 zone, which aligns with the upper channel boundary.
* Support: Around 578–580, aligning with the lower channel boundary and 20 EMA.
* Indicators:
* MACD is strong on the weekly, showing long-term bullish momentum.
* Volume is healthy, supporting the uptrend.
* Prediction: Long-term trend remains bullish. Tomorrow’s action may contribute to a continuation of the broader uptrend, though a minor intraday pullback wouldn’t disrupt the weekly bullish structure.
2. Daily Chart (D1):
* Trend: The daily chart shows SPY is in a steady uptrend, respecting a rising channel with higher highs and higher lows.
* Key Levels:
* Resistance: Around 605–607, which aligns with the upper trendline of the channel.
* Support: At 595 and the 20 EMA, which has been a consistent dynamic support.
* Indicators:
* MACD shows positive momentum but may be slightly overextended.
* Volume suggests moderate buying interest but not overly aggressive.
* Prediction: Likely to continue testing resistance. A breakout above 605 could lead to higher moves, while consolidation or minor retracement to 595 is possible.
3. Hourly Chart (H1):
* Trend: The hourly chart shows SPY forming tighter price action near resistance, with small-bodied candles indicating indecision.
* Key Levels:
* Immediate Resistance: 604.50–605.
* Immediate Support: 600–601.
* Indicators:
* MACD on the hourly chart is flattening, signaling potential consolidation or minor pullback before another leg up.
* Volume on smaller timeframes has been decreasing slightly, suggesting traders may be waiting for a catalyst.
* Prediction: Possible consolidation between 600 and 605 before a decisive move. A break above 605 could align with the broader daily trend.
Summary for Tomorrow: Dec. 4, 2024
* SPY is positioned near resistance across multiple timeframes. While the weekly and daily charts suggest the overall trend remains bullish, the hourly chart indicates potential consolidation before another breakout.
* Bullish Scenario: If SPY breaks above 605 with volume, it could target the 610 area.
* Bearish Scenario: A pullback to 600–601 support is possible before attempting to move higher.
* Strategy:
* Day traders: Watch for a breakout above 605 or a bounce near 600.
* Swing traders: Consider the broader uptrend for potential entries on pullbacks around support levels.
This multi-timeframe analysis highlights the importance of aligning your trade entries with the prevailing trend while being cautious around key resistance levels.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Always do your own research and consult a professional before making any trading decisions.
* Trend: The weekly chart shows a robust uptrend with SPY staying within a well-defined ascending channel.
* Key Levels:
* Resistance: 605–610 zone, which aligns with the upper channel boundary.
* Support: Around 578–580, aligning with the lower channel boundary and 20 EMA.
* Indicators:
* MACD is strong on the weekly, showing long-term bullish momentum.
* Volume is healthy, supporting the uptrend.
* Prediction: Long-term trend remains bullish. Tomorrow’s action may contribute to a continuation of the broader uptrend, though a minor intraday pullback wouldn’t disrupt the weekly bullish structure.
2. Daily Chart (D1):
* Trend: The daily chart shows SPY is in a steady uptrend, respecting a rising channel with higher highs and higher lows.
* Key Levels:
* Resistance: Around 605–607, which aligns with the upper trendline of the channel.
* Support: At 595 and the 20 EMA, which has been a consistent dynamic support.
* Indicators:
* MACD shows positive momentum but may be slightly overextended.
* Volume suggests moderate buying interest but not overly aggressive.
* Prediction: Likely to continue testing resistance. A breakout above 605 could lead to higher moves, while consolidation or minor retracement to 595 is possible.
3. Hourly Chart (H1):
* Trend: The hourly chart shows SPY forming tighter price action near resistance, with small-bodied candles indicating indecision.
* Key Levels:
* Immediate Resistance: 604.50–605.
* Immediate Support: 600–601.
* Indicators:
* MACD on the hourly chart is flattening, signaling potential consolidation or minor pullback before another leg up.
* Volume on smaller timeframes has been decreasing slightly, suggesting traders may be waiting for a catalyst.
* Prediction: Possible consolidation between 600 and 605 before a decisive move. A break above 605 could align with the broader daily trend.
Summary for Tomorrow: Dec. 4, 2024
* SPY is positioned near resistance across multiple timeframes. While the weekly and daily charts suggest the overall trend remains bullish, the hourly chart indicates potential consolidation before another breakout.
* Bullish Scenario: If SPY breaks above 605 with volume, it could target the 610 area.
* Bearish Scenario: A pullback to 600–601 support is possible before attempting to move higher.
* Strategy:
* Day traders: Watch for a breakout above 605 or a bounce near 600.
* Swing traders: Consider the broader uptrend for potential entries on pullbacks around support levels.
This multi-timeframe analysis highlights the importance of aligning your trade entries with the prevailing trend while being cautious around key resistance levels.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Always do your own research and consult a professional before making any trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.