Spy Pre-Market Thoughts | Daily Commentary

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Happy Monday!
Must be nice outside, cause the bulls and bears are just channel surfin'!

What is the market saying?

- Another earnings week, looking for some sectors to juggle prices around. But I'm guessing things remain mostly steady.

1) Weekly Time Frame

- 323 is holding the bulls back from the higher numbers. Chances are they will need to gap overnight to make any headway.

2) Daily Time Frame

- Bull flag breakout 14 July. Looking for a test of the breakout price. 317.6. a retest of this number and confirmation bounce off is big thumbs up for the bulls IMO. They have yet to test and hold this number though.

3) Daily Indicator Standings

MACD: Above zero // Buy
BB: Hit deviation line 15 July // Hovering below deviation
RSI: Sideways since 6 july // 60.43 -> 61.26
KO: Signal line above 0 // Slow line above zero // Buy signal
OBV: Overall Uptrend // Wedging up since 6 july


Resistance levels
(Pre-Market) 321.55
321.8
322.1
322.5
323.3
325

Support levels
(Pre-Market) 320.95
321.2
320
319.7
319.5
319.1 - 318.9
317.6

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

- Mind the gaps. both end numbers are support/resistance and things can get wild and whipy in the box.

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:

Bulls working to stay above the premarket high. 322.3 is an important number.

bears getting down to the premarket low

they're deciding who should take the ball and run first.

Comment:

15m chart, theyre still in the premarket channel. leaning neutral ATM

Bulls need to close above 321.55 to gain steam
bears need under 320.7

Comment:

splitting the wave 50/50 321.25ish

over is more bullish
under is more bearish.

Comment:

Keeping in mind, over the past week, bulls have been very protective of 320.

if bears run down here for a test, bulls would likely bounce nicely off it.

Comment:

early low pivot of 320.75

Comment:

looking like a hammer candle. can we expect a test of 321.2?

Comment:

bulls are rushing pretty high.

looking at the /esmini theres an strong bullish candle in the whole upper VWAP

Comment:

322.5 should have some sellers waiting

Comment:

couple sellers there, but nothing to stop amzn's 4% rise right now.

as long as big tech is in the green, so is the spy.

Comment:

pivot high of 322.8

bears test 322.3 to see if it holds.

as long as bulls 321.8, should be a smooth bull flag pattern to higher numbers today.

Comment:

bulls are testing 323 again. there longer theyre around this area. the more likely theyll want to push higher and larger

Comment:

bulls are working 323 now. the heavy resistance is 323.3.

theyll need to close above it to continue higher.

looking at the dailies, there a resistance line that can be seen (red on the chart)

depending on time, that would be somewhere between 324.1ish - 324.25ish

above that is psychological 325

Comment:

not looking so hot for bear action this afternoon. Amazon up around 6% which is carrying the tech side high.

There would need to be some catalyst to get things down to even this mornings open.