SPY Daily Commentary | S/R
Updated
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Happy Friday!
Yesterday was pretty uneventful. But it shows the bears are in control today.
Think about it this way. The bulls had two days to break price level. They got stopped. Now we have a lower high on the hourly. The break out around 330 left a large gap, they could've filled it and ran it slowly up to the gap. Instead they decided to fill the smaller gap up top. We don't have a higher low yet, and the last time bear played around, they proved they could bring things down fast.
Fast forward, and now we're gaping down into the gap below.
Two out comes today.
They fill the gap quick and bounce out to set a higher low - leaving in consolidation.
or
The fill the gap and close under it, leaving room to test the 322 area again
If they bounce out of 330, we know the breakout was legit and the bulls want to work for a higher high.
Also consider, there's now a new gap up to 335.02
Intraday will give more details regarding today's move.
Graveyard Shift / Morning Crew
Graveyard Shift: nothing special. rode up to the weekly S/R
Morning Crew: gapping down into the gap. bearish.
Futures Crew (/ES)
Consolidating down to retest the breakout at 3260. the goal posts are spread wide for both sides
Two big numbers today:
For Bulls: 3360
For Bears: 3260
Resistance levels
(Pre-Market) 332.83
(See Shared Chart)
Support levels
(Pre-Market) 330.62
(See Shared Chart)
Gaps
356.37 - 357.48
337.7-338.52
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 president:
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 Friday!
Yesterday was pretty uneventful. But it shows the bears are in control today.
Think about it this way. The bulls had two days to break price level. They got stopped. Now we have a lower high on the hourly. The break out around 330 left a large gap, they could've filled it and ran it slowly up to the gap. Instead they decided to fill the smaller gap up top. We don't have a higher low yet, and the last time bear played around, they proved they could bring things down fast.
Fast forward, and now we're gaping down into the gap below.
Two out comes today.
They fill the gap quick and bounce out to set a higher low - leaving in consolidation.
or
The fill the gap and close under it, leaving room to test the 322 area again
If they bounce out of 330, we know the breakout was legit and the bulls want to work for a higher high.
Also consider, there's now a new gap up to 335.02
Intraday will give more details regarding today's move.
Graveyard Shift / Morning Crew
Graveyard Shift: nothing special. rode up to the weekly S/R
Morning Crew: gapping down into the gap. bearish.
Futures Crew (/ES)
Consolidating down to retest the breakout at 3260. the goal posts are spread wide for both sides
Two big numbers today:
For Bulls: 3360
For Bears: 3260
Resistance levels
(Pre-Market) 332.83
(See Shared Chart)
Support levels
(Pre-Market) 330.62
(See Shared Chart)
Gaps
356.37 - 357.48
337.7-338.52
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 president:
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
The gap just got a whole lot bigger.VIX is high. Important to be watchful and set stop loss and profit taking tighter
Note
killing 2 birds with one stonebut only one will be the winner
Note
volume is telling right now.massive buying power. lets see how the sell volume compares on the way down
Note
bears gonna try and test 332.5ishNote
massive put spike in the spy 4.7Note
bulls are holding up price, they havent finished the gap yetNote
bulls first to fillnow what?
theyll either target the close of yesterday, or bears get a chance to touch gap.
Note
pretty bullish reaction coming back to test the open. there's either a fake out going on, or the bulls are building energy for a push higher over 335.5Note
into the last hourlooking more bullish than bearish.
if bulls cap 335.8, they drive it up
bears need to cap and hold under 334
could be in for some trickery either way
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