SPY Daily Commentary | S/R
Updated
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Happy Thursday!
Fed always brings interesting developments. Bulls got the rejection trying to push 342.5 again. What stands out to me is the timing and intensity of yesterday. Everyone was prepared for the speech, market was priced in on the news, the expected news was released, resulting in rejection at the high of flag consolidation. Today the jobless numbers release, tagging another new story to the decline. So what's happening today?
Looks like gap chasing is in the books. The flag consolidation mentioned in bear case yesterday was the story. so, bulls find safety above 331. If its the breakdown day, bears will work to the gaps below.
If bulls really wanted to flex, they let bears prusue the gap and drive it up real quick, bears could work the same way but from yesterdays close then down.
Intraday will give more details regarding todays move.
Graveyard Shift / Morning Crew
Graveyard Shift: Closed under the weekly S/R. very telling of bull strenght right now.
Morning Crew: Gapping down, right above the next important weekly S/R. Showing lots of weakness right now.
Futures Crew (/ES)
Getting the the 1,2,3 on 3300. this is going to be the third tap and if the bulls dont hold, its down down down
Two big numbers today:
For Bulls: 3340
For Bears: 3300
Resistance levels
(Pre-Market) 335.64
(See Shared Chart)
Support levels
(Pre-Market) 332.8
(See Shared Chart)
Gaps
356.37 - 357.48
??? - 338.81
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
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 Thursday!
Fed always brings interesting developments. Bulls got the rejection trying to push 342.5 again. What stands out to me is the timing and intensity of yesterday. Everyone was prepared for the speech, market was priced in on the news, the expected news was released, resulting in rejection at the high of flag consolidation. Today the jobless numbers release, tagging another new story to the decline. So what's happening today?
Looks like gap chasing is in the books. The flag consolidation mentioned in bear case yesterday was the story. so, bulls find safety above 331. If its the breakdown day, bears will work to the gaps below.
If bulls really wanted to flex, they let bears prusue the gap and drive it up real quick, bears could work the same way but from yesterdays close then down.
Intraday will give more details regarding todays move.
Graveyard Shift / Morning Crew
Graveyard Shift: Closed under the weekly S/R. very telling of bull strenght right now.
Morning Crew: Gapping down, right above the next important weekly S/R. Showing lots of weakness right now.
Futures Crew (/ES)
Getting the the 1,2,3 on 3300. this is going to be the third tap and if the bulls dont hold, its down down down
Two big numbers today:
For Bulls: 3340
For Bears: 3300
Resistance levels
(Pre-Market) 335.64
(See Shared Chart)
Support levels
(Pre-Market) 332.8
(See Shared Chart)
Gaps
356.37 - 357.48
??? - 338.81
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
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
out the gate, theres gaps to chase down. pre high/low are important first, and whoever gets control of that will drive first.
Note
Hard to pick a direction today due to the market opening at the bottom of the flag consolidation. if it was near the close, bears would drove down.
if it was another gap up, bulls wouldve broke out.
but this is the most unclear decision i wouldve expected.
Remembering, the bulls had to gap above 335 before.
so now its going to be resistance.
Note
giving market some time to make a range first.Note
bulls are fighting to cap 335 now.theyll want to prove they can hold past the retest to work up to the pre high
Note
bulls capped 335. push to the pre high. time to test holding hereNote
bulls holding 336 pressurenow the golden line needs to hold
Note
bears came back to work the pre high. bulls fighting to save.
theyll want to creat space to keep bears from the mid morning pivot at the moment.
Note
took awhile, but we have a high and low to work with bulls 337.35
bears 333.35
bulls on the wave ride back up. if theres a turn under the pre high
bears will try and run against the pre low.
so far bulls are defending the low well, but bulls have had the ability to push violent and suddenly.
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