SPY Daily Commentary | S/R
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Looking for support and resistance lines?
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Happy Wednesday!
It's mid week and the rise is non-stop right now. No one know when the bulls run out of steam but they have been saving the days quite well so far. Timing the 'big drop' is not very easy, as the bulls have demonstrated. The best course of action right now is to follow the trend. Bullish until it's not. With new high's being set, it's much more probable to find supports.
Graveyard Shift / Morning Crew
Graveyard Shift: Nothing special, held gains.
Morning Crew: gap up. little volatility. pegging 355 is a clue. Thats the big target today. On the flipside, theres a nice gap window looking to be closed down under.
Futures Crew (/ES)
3525 is the breakout number. No retest of this has been conducted yet. So it's there the futures would like revisit today. We will find out at the open if this is first order of business.
Whats the futures target at the moment? Looking like 3566 is the top of the flag pole right now. SPY relative price is 356.75ish
Resistance levels
(Pre-Market) 355.12
(See Shared Chart)
Support levels
(Pre-Market) 354.58
(See Shared Chart)
Gaps
??? - 352.68
341.06 - 339.71
331.18-330.06
327.73-326.63
Extras
Keeping in mind this is all new territory for the bulls, there's no easy way to find a resistance. All resistances are new and the market will tell what is and isnt a resistance as time goes on.
Shared Chart
tradingview.com/chart/oOetWWMH/
*This chart will be shared and updated all day. Come to this idea to get commentary all day for intraday playing. If you would like to know my thoughts for this week, see the chart below*
Weekly Projection
See below.
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 Wednesday!
It's mid week and the rise is non-stop right now. No one know when the bulls run out of steam but they have been saving the days quite well so far. Timing the 'big drop' is not very easy, as the bulls have demonstrated. The best course of action right now is to follow the trend. Bullish until it's not. With new high's being set, it's much more probable to find supports.
Graveyard Shift / Morning Crew
Graveyard Shift: Nothing special, held gains.
Morning Crew: gap up. little volatility. pegging 355 is a clue. Thats the big target today. On the flipside, theres a nice gap window looking to be closed down under.
Futures Crew (/ES)
3525 is the breakout number. No retest of this has been conducted yet. So it's there the futures would like revisit today. We will find out at the open if this is first order of business.
Whats the futures target at the moment? Looking like 3566 is the top of the flag pole right now. SPY relative price is 356.75ish
Resistance levels
(Pre-Market) 355.12
(See Shared Chart)
Support levels
(Pre-Market) 354.58
(See Shared Chart)
Gaps
??? - 352.68
341.06 - 339.71
331.18-330.06
327.73-326.63
Extras
Keeping in mind this is all new territory for the bulls, there's no easy way to find a resistance. All resistances are new and the market will tell what is and isnt a resistance as time goes on.
Shared Chart
tradingview.com/chart/oOetWWMH/
*This chart will be shared and updated all day. Come to this idea to get commentary all day for intraday playing. If you would like to know my thoughts for this week, see the chart below*
Weekly Projection
See below.
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!
Not
out the gate, working down to the gapShould find support after they touch it.
Not
whats a sign they dont want to fil the gap? capping above the pre market low.Not
pressuring up for a breakdown.Not
What if they go through the gap? they could poke to 352.That should be the lowest bulls allow to avoid a reversal.
Not
until bulls close above the pre low, bears are in control down to gap.Not
bulls are trying to save from the gap down. lets see if they can start capping the pre market low. two 5min candles above for more confidence.
Not
bulls got a couple candles above. Bears will come and test 354.6. if the bulls hold it, then theyll work up to pre high resistance and the 355.5
Not
so bulls are holding up.the sooner they break above the premarket high the better situated theyll be.
pressing up on the resistance is bulls building energy for a breakout
Not
bulls are getting some top resistance. bears can sneak in at 353.7 and thats bulls dropping the ball for now.
but staying above this is just fighting with the autobots. its still bullish.
Not
got 2 hourly candles that are down. its a slow descent.looking at 355 as the top out from the gap.
bulls need to close hourly above to drive higher.
bears need hourly under 353.45 to get control.
in between is the surfing channel with down pressure.
Not
closed the hour above. bears gonna test this area.
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