SPY Daily Commentary | S/R

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Happy Tuesday!
Got a nice long wick off an uptrend. Normally a sign of reversal time. Any supporting evidence for this? Perhaps...

Bull support
1) Market in uptrend
2) Price is above 20, 50, 100, 200 SMA
3) Ascending wedge formation
4) Holding price above 335 pshchological
5) Price hasnt hit fib top retracement @337.79

Bear support
1) Decreasing buy volume
2) Long wicked candle (hammer/dragonfly)
3) Wick is more than 66% larger than the body
4) Approaching near all time highs.
5) Price closed on a S/R line set 13 Feb 2020

Graveyard Shift
Making another gap window this morning from 335.77. Got more bulls hopping in trying to push the market higher. trend is your friend until its not.

Futures Crew (/ES)
Getting pushback at the 3380 level. Broke out of the bull flag around 3355

Resistance levels
(Pre-Market) 337.66
337.19
337.91
338
338.22
338.5-.6

Support levels
(Pre-Market) 336.86
337
336.55
336.26
335.9
335.55
335.36

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

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Weekly Projection

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Comment:

Lots of lines. A lot going on. But there are key numbers.

getting 15m candles under 335.5 is going to bring sellers down to 335

closing hourly under 334.4 is the worst case for bulls.

Expect a window fill to 335.77 though.

If bulls are not putting a lot of bounce off 335.75ish then the sentiment is weak for higher numbers.

Comment:

out the gate. people want to fill the gap and people want to get in on the bull behavior.

Comment:

time to try and test pre market high

Comment:

falling short of the resistance and not closing above is bearish

Comment:

fell short, back to test 336.66

Comment:

window filled. now what? bulls need to bounce off this and break pre market support to get higher

if the price just hovers in this area (under 336) then bears will try a round two push down.

Comment:

Having a pullback right now. Bulls need to keep the next pivot above 336.

below and the bears run again to try to low.

Comment:

bulls back to pre market support.

theres an uptrend line in progress.

337.2 is the number to beat.

bulls already rejected once

bears should dhow up again.

itll either be stronger or weaker of a push

Comment:

got a double top now.
whats bullish? above 336.75 pressing up on 337.15

bearish?
closing near, then under 336.5

time to expect a consolidation probably down to 336.6 and bouncing off of there.

Comment:

bulls are ready to push.

may expect a little fake out before they push. but they're primed now

Comment:

heres the breakout.

resistance at the pre market high, perhaps a little sooner (337.5ish)

should get a pivot somewhere and retest of 337.2ish after they find their high

Comment:

tests are happening a little lower at 337.
it seems to me to be a tell of something fishy.

bears arent ready to just go up today. and testing this low could drive price lower fast.

Comment:

especially coming up short on the pre market resistance...

back under the support. if bulls close under here again, seems to be prepping for a down turn