Zooming out, SPX remains in a broader uptrend. On the weekly chart, momentum reset earlier in the move and price has continued drifting higher while holding above the 10 EMA. Last week printed a doji, which simply reflects indecision (buyers and sellers pushing back and forth) not a signal by itself, but something worth noting as we head into the next week.
On the daily chart, we’re still holding trend and key moving averages. Even with recent gap ups followed by sell pressure, price has continued to respect support, maybbee suggesting the market is still trying to build rather than break down.
Key Levels I’m Watching
6,920 – short-term pivot and near-term support. I'd like to see price stay above this area, potentially operating like a little shelf to support further upside.
6,985 – top of the current range, a break and hold above here would open the door to further upside
7,000 – major psychological level, likely hesitation or volatility if reached
6,885 – prior resistance turned support, tied to October price action
6,830 – next downside checkpoint if 6,885 fails, aligns with prior structure and trend support
How I'm Thinking About Next Week
As long as 6,920 holds, the market may continue building higher and attempt a break above 7,000
A push through 7,000 could bring momentum, but also sharp pullbacks due to positioning and psychology
If 6,920 breaks, I’d look for a test of 6,885, with 6,830 as the next area to reassess (btw we have a double top on the daily with SRSI trending down, so we could see that structure finish if sellers keep pressing)
No clear direction has been chosen yet, but structure remains bullish unless key support levels fail.
And while this is still a bull market, short-term price action has been choppy, especially for options traders. I’m continuing to focus on the hourly timeframe in my personal trading.
On the daily chart, we’re still holding trend and key moving averages. Even with recent gap ups followed by sell pressure, price has continued to respect support, maybbee suggesting the market is still trying to build rather than break down.
Key Levels I’m Watching
6,920 – short-term pivot and near-term support. I'd like to see price stay above this area, potentially operating like a little shelf to support further upside.
6,985 – top of the current range, a break and hold above here would open the door to further upside
7,000 – major psychological level, likely hesitation or volatility if reached
6,885 – prior resistance turned support, tied to October price action
6,830 – next downside checkpoint if 6,885 fails, aligns with prior structure and trend support
How I'm Thinking About Next Week
As long as 6,920 holds, the market may continue building higher and attempt a break above 7,000
A push through 7,000 could bring momentum, but also sharp pullbacks due to positioning and psychology
If 6,920 breaks, I’d look for a test of 6,885, with 6,830 as the next area to reassess (btw we have a double top on the daily with SRSI trending down, so we could see that structure finish if sellers keep pressing)
No clear direction has been chosen yet, but structure remains bullish unless key support levels fail.
And while this is still a bull market, short-term price action has been choppy, especially for options traders. I’m continuing to focus on the hourly timeframe in my personal trading.
Trade active
Alright yall. (I selected trade active but wont be in until regular market hours). Premarket is looking really good for a short. I dropped a video in my community about how to play it. You ever hear the phrase: don't try to catch a falling knife?If you are not already positioned to the downside, one option is to go to the smaller time frames and look for a retest (small bounce up) to get in for the downside. It can be tricky especially if we gap down and selling sustains.
Looking forward to seeing how low we can go. Also please note that if we hit any major key levels today or tomorrow, we could see a hard bounce to the upside (which depending on where you entered, can wipe out your stops). But if this premarket selling continues, we may have a sustained decline of 150-200 points. Get ready! Stay sharp, give your trades some room to work, and never risk more than you're willing to lose. XOXO
Trade closed: target reached
Yesterday was one of my favorite trading days. a sharp move at open, then a retest and continuation that kept drifting down (vs playing around at the top before breaking). I got in on the retest at 6860 and traded this down to 6800. My invalidation was 6869, the high of the day. Today we see a little upside movement in premarket so I will be asking:are these dip buyers and will this upside sustain (look for keys of follow through)
is this a retest on the hourly (which can still be good for an intraday long) and we ride up to 6840 or 6870 (gap down area, which we typically retest gap lines)
Emanuela | thetraderreset.com
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.
Emanuela | thetraderreset.com
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.