SPY Daily Commentary | S/R

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Happy Monday!
Bulls getting worked over by the bears at the moment. Made the comment on Friday that we should have expected a breakdown soon. Gaps were on the mind and that's where we have ended up going.

Next gap to fill is 327.73-326.66

If market opens below the gap, bulls would like to get the market up and above the gap, holding 328

If the market opens above the gap, bears will work down to 326.5 and try to break under.

327.1ish is the important breakout line for the bulls. They'll want to hold this on the hourly to find a way back up

323.66ish is the important line for the bears to get under and drive lower.

Expect fighing at 325 -325.5

Intraday will give more details regarding todays move.

Graveyard Shift / Morning Crew
Graveyard Shift: Tried to work up above 332 but came up short

Morning Crew: Gapping down, under the gap. Even more bearish than a gap down.

Futures Crew (/ES)
Breakdown happened. Now the bulls are going to try a pullback. 3280 would be a 50% pullback. If the bulls arent hol 3260 though, then the bears will drive down even more.

Two big numbers today:
For Bulls: 3305
For Bears: 3200

Resistance levels
(Pre-Market) 326.62
(See Shared Chart)

Support levels
(Pre-Market) 324.9
(See Shared Chart)

Gaps
356.37 - 357.48
337.7-338.52
331-330.06
327.73-326.63

Extras
On the live chart, I typically run 5's and 15's. Because these are more intraday important, I'll be updating them as they come up. Be sure to check the live is you want more immediate results.

Re-evaluating the chart layout and have decided for simplicity and cleanliness. Important lines are in this presidence:
Black Solid Bold (Weekly S/R)
Gold Solid (Daily S/R)
Dashed Black (Hourly S/R)
Blue Line (Target S/R)
Pink Line (Gap Target)

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

Weekly Projection
None this week.

If this helps you, like the chart and feel free to follow me. I freely offer intraday SPY commentary. 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 gate, its a battle to the pre S/R
bulls stopping out the bears atm
if they start working the prehigh, theyll want to pursue the gap

Comment:

uh oh bears flipping it around a rn.
losing 325 is going to create another road hump for the bulls to get through.
until the bulls can work and hold it, bears will work down.

Comment:

nice touch at the golden line.
bulls should want to start working a pullback if this area holds.

Comment:

bulls are putting up a fight to cap 325
holding over 325.25 is the real confidence builder though

Comment:

bears are giving the tell they want to go down
if bulls arent going to hold the golden line, then bears will drive through.

Comment:

got the lower low. bulls need a set a higher low and a higher high above 325.25 to get back in the game.

Comment:

bulls lettings the line go.
so whats a bear to targtet next? 322.5 is a nice number.
below that is 320.5

bulls will need to set a solid pullback and a few higher lows to take the board back.

Comment:

bulls trying to get a pullback
would need to start closing above each S/R up to the golden line
if they can close above 323.66 and have confirmation candle, they should attempt a rework of the pre low, followed by the pre high.

Comment:

well, they did the thing kind of.
took all day though and that's no bueno.