SPY Daily Commentary | S/R

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Happy Wednesday!
Yesterday was a good comfirmation day for the bull breakout. Holding price above 328 was their line in the sand. There's talk of another island top. It's in the cards for certain. Last island that was made (Jun 5-10) was made of a nice 3 day run up before a giant drop. Took some more time to get to this point. They may run 3 or more days, perhaps go into the weekend on a high note and drop monday. But we will see...

Graveyard Shift

Clean up crew yesterday didnt do anything. But the morning shift today is hard at work. Big gap up eating into the empty space up top. Just means there's another window down below now of course. Lets see if they fill down or up...

Resistance levels
(Pre-Market) 332.21
331.65
332
332.2
332.55-.6
332.85
333
333.4

Support levels
(Pre-Market) 331.14
330
329.55
329.3
329.15
329.05-328.95
328.5 -328.6
328


Extras
Shared Chart
www.tradingview.com/chart/oOetWWMH/

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Weekly Projection

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Comment:

Taking a look at the futures, a textbook breakout, test, and bounce off.

Price is rising at a slower pace
Volatility is shrinking
Volume is "just enough" to get a close above

It seems to me there's some slowing down signals, slight exhaustion.

Could be wrong, but with major earnings wrapping up, and people reevaluating everything, we could see a swing.

one big thing preventing a nice crash, is everyone trying to prep for one. still too many puts to calls out there. fear is still high

Comment:

premarket levels are the first line for bears

Comment:

little quiet right now...got a standoff on hand

Comment:

332 is gonna be important

up to the gap window is going to be like walking on eggshells

Comment:

that comment was meant to be posted an hour ago...

Comment:

bulls working the gap. little at a time. filling the gap is one thing, mooning through it is another.

signs are bullish at the moment. but sky rocketing past the gap doesn't have a lot of support

Comment:

332.5 & 332.6 should be next resistance

Comment:

staying under 332 isnt good for bulls. theyd be happier above it.

Comment:

if bears can get under 331.65 and cap it, it'll be a trigger for a little sell off.