Spy Pre-Market Thoughts | Daily Commentary

Like the idea and follow the chart for free SPY commentary all day! :)

Happy Tuesday!
We have stepped into no mans land...now what?

What is the market saying?

- Yesterday was a heavy bullish day with AMZN earnings and other tech driving the overall market higher. This pre-market morning, bulls have gapped above the tough psychological 325. There's a couple resistance levels between here and the all time high.

1) Weekly Time Frame

- Bulls are in the gap and can begin working the fill. The retest of breakout zone seems not to be the plan this week. With big names bringing in nice earnings, how high before the market goes back down?

2) Daily Time Frame

- Bulls breakout from a high of 323.3. Closing at 324.3ish. Getting into gap fill zone. The bears will want to restest this number sometime.

3) Daily Indicator Standings

MACD: Above zero // Buy
BB: Hit deviation line 15 July // Hovering below deviation
RSI: Sideways since 6 july // 61.26 -> 63.57
KO: Signal line above 0 // Slow line above zero // Buy signal
OBV: Overall Uptrend // Breakout above a 9.9bln-ish double top


Resistance levels
(Pre-Market) 327.2
327.4
327.5
328.2
330 (pshychological)
332.16

Support levels
(Pre-Market) 326.7
326.5
326.1
325 (psychological)
324.5
323.15
320.35

Unfilled gaps

North side
325.85 - 333.48

South side
319.09 - 318.92
310.68 - 310.52
309.07 - 308.36
296.74 - 295.44
291.95 - 286.28

3) Side Thoughts

- Dark red trend line was a resistance line that has been drawn over the past week. Bulls gapped above, looking for them to touch and go from it.

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:

Out the chute, bears would like to test the gap.

bulls need to defend 326.1

325 especially though.

Comment:

bulls need to get to the premarket high @327.2 to start working their way up.

above 326.1 is still safe for the bulls either way though.

Comment:

of note. P/C ratio is really high 3.36.

Comment:

With a gap above the big psychological of 325, it wouldnt be too crazy to think today would be a rather boring channel surf.

watching from the bench until theres some important moves

Comment:

bears dipping below the gap box.

325 be a support area.

touch and go would allow them to fill the gap from yesterday.

Comment:

still boring.

looks like the 16th & 17th. nothing special, except its more bullish than bearish to sit in this upper range.

Can add a few S/R leaves though for future use.

326.85
326.42
325.75

Comment:

taking a southside trip

visiting 325.1ish to fill the gap

Comment:

about 10c short

top of yesterday was 325.12

we just bottomed at 325.22

don't 10c is close enough.

Comment:

uh oh

bulls lost 325 and are fighting to get above

losing the 15m candle under 325 isn't good

under 324.5 is worse though.

Comment:

They closed under the trend line

cool.