SPY Daily Commentary | S/R
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Looking for support and resistance lines?
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Happy Wednesday!
Yesterday bulls worked a slow steady climb to the big 330. Looks like 332 is the target. This was the beginning area for the breakdown and should pose a nice resistance on the first test. Gap has been filled so the remaining gaps are few and far. 337.7-338.52 would be the next closest.
What's the plan look like today? Expecting resistance around 332. Bears would like to retest some lows before bulls go driving back up. The breakdown was quick and fast, and the longer bulls linger under the important numbers, the more chances bears have for another drive down.
Intraday will give more details regarding todays move.
Graveyard Shift / Morning Crew
Graveyard Shift: nothing special
Morning Crew: Gapped up, but early bears drove down. got a bearish scent to it.
Futures Crew (/ES)
Bulls coming back up through breakdowns. 3300 was the first goal mentioned yesterday. They're trying to prove their hold of this price. Next target is 3320 & 3330, looking up to 3360, Bears would like to work back under 3300 as a start. Driving next to 3260
Two big numbers today:
For Bulls: 3320
For Bears: 3300
Resistance levels
(Pre-Market) 331.59
(See Shared Chart)
Support levels
(Pre-Market) 330.42
(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 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 Wednesday!
Yesterday bulls worked a slow steady climb to the big 330. Looks like 332 is the target. This was the beginning area for the breakdown and should pose a nice resistance on the first test. Gap has been filled so the remaining gaps are few and far. 337.7-338.52 would be the next closest.
What's the plan look like today? Expecting resistance around 332. Bears would like to retest some lows before bulls go driving back up. The breakdown was quick and fast, and the longer bulls linger under the important numbers, the more chances bears have for another drive down.
Intraday will give more details regarding todays move.
Graveyard Shift / Morning Crew
Graveyard Shift: nothing special
Morning Crew: Gapped up, but early bears drove down. got a bearish scent to it.
Futures Crew (/ES)
Bulls coming back up through breakdowns. 3300 was the first goal mentioned yesterday. They're trying to prove their hold of this price. Next target is 3320 & 3330, looking up to 3360, Bears would like to work back under 3300 as a start. Driving next to 3260
Two big numbers today:
For Bulls: 3320
For Bears: 3300
Resistance levels
(Pre-Market) 331.59
(See Shared Chart)
Support levels
(Pre-Market) 330.42
(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 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!
Nota
bears gonna test bulls a little first, they dorve down a lot yesterday, just to get eaten up.Nota
bulls are looking to try and the pre low & yesterdays close. the sign of loss would be losing the golden lineNota
bulls will want to stay above 330 to get back and reset.if they lose it here, BEARS come and retest down around 329.05
worth noting the breakout above 328.3 hasnt been retested
Nota
bulls gave up 330 into the bottom hour. bears will work a test of the next gold line until bulls can get something assembledNota
328.3 is a nice next targetNota
getting close to the gold line.bulss should find support to try and get a lower high
Nota
bulls getting back up.329.7 was quite the workout area earlier. expect this as a first target.
Nota
bulls gave up early at 328.66the next buy support should appear around 326.5ish
Nota
got the breakdown under 327.1 bears will find a support line and bulls should come back attempting a test of 327ish
Nota
Take note of the high volume spikes throughout the day. A majority are red candles. These are good little nuggets of the overall institutional sentiment throughout the day. They'll want to sell high and once they find the "good buy" price there will be a big green spike.
Nota
2 o clock drop. niiiice
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