Spy Pre-Market Thoughts | Daily Commentary

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Happy Thursday!
Confirmed breakout yesterday by the bulls.

What is the market saying?

- Time to test the breakout number. Something around 317.6

1) Weekly Time Frame

- Up and getting closer to the gap.

319.34 & 317.59 as weekly lower highs

304.32,304.21, & 300.5 as weekly lower lows

2) Daily Time Frame

- Bull flag breakout yesterday. Pattern started 2 july. Pending confirmation with a higher high.

3) Daily Indicator Standings

MACD: Above zero // Buy
BB: Hit deviation line yesterday // Centerline ticking upwards
RSI: Sideways since 6 july // 59.41 -> 61.84
KO: Signal line above 0 // Slow line above zero // Buy signal
OBV: Overall Uptrend // Sideways since 6 july // Bull flag channel surfing


Resistance levels
(Pre-Market) 320.3ish
320.75
321.8
322.98
325

Support levels
(Pre-Market) 319.5
319.9
319.3
317.6
316.3

Unfilled gaps
- gap to the north side
325.85 - 332.58

- 2 gaps on the south side
296.69-295.63
291.75-286.28

3) VIX Thoughts

- VIX nothing special stands out on daily

If this helps you like and follow the chart all day. Ill be giving updates as they show up! Getting feedback helps a lot. 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!

Comment:

Yesterday not very eventful. but it was confirmation that we have bull flag breakout. Should be a test of the breakout area at 317.6 sometime.

Then they could go setting higher lows and highs for a breakout further

Comment:

bears already closing candles under premarket lows. if the bulls cant get at least a 5 min candle over the pre's, then bears have the ball first to make a low this morning.

Comment:

Bulls cant hold 320.
its a significant round number and as long as theyre not capping it, bears will come to play for a bit.

Important number for the bears is 319.3

getting under and staying under gives time to find a low somewhere

Comment:

bears cap under 319.5, we should expect a bounce to 319.5 then a shot through 319.3

Comment:

bears struggle to keep under 319.3

319.09 the low so far.

bulls working up to 320

they to survive a retest of it. If they can hold then they can build to the premarket high.

pretty sideways this morning though. more back and forth.

Comment:

some indicator clues

hourly: macd touching sell signal & KO crossed to sell signal.

15m: bounced off BB bottm deviation. Approaching the centerline, MACD sell, KO mixed signal

Comment:

bulls working back to 320.3

this is the 2nd try to break and hold above.

shoed off the bear attack.

Next is 320.5 and 320.75

Comment:

320.5 holding back the bulls right now

319.3 is the spot for bears.

channel surfing, no clear direction yet.

Comment:

bears getting ready. they held back the bulls on the ride up.

Comment:

Bears stopped at 319.3 again -.-

channel is playing in the bottom half, one thing to remember, the longer they press there, the more likely theyll break through.

pegging 319.3 again should give a different result, either a big push up or, more reasonably, a push down.

Comment:

bears were met wit a push back up.

bulls not giving up the goose on this area easily.

Chop shop in action until something breaks. Channel surf in session still

Comment:

creeping updwards. bulls need to get and close above 320.55 to gain ground somewhere.

Comment:

bulls made it out of the channel.

if an end of the day rush is in the cards, the bulls will needs to close above and hold 320.8