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August Wk 1 Thoughts
Off the heels of important earnings last week, what's possible this week? Bull breakout or an unexpected pullback?
1) Weekly Time Frame
Medium bullish candle. Not very standout-ish. Seems weaker considering its wicks are within the previous candle.
2) Daily Time Frame
Bullish to say the least. Got an extremely long wicked reversal candle. If we were coming off of a breakout push i would say it's more "reversal-ish". But this slow play to the gap isn't weakness as much as it is caution. It doesn't seem likely to be a big push easily through 330. They seem poised to get there though.
3) Side Thoughts
Wouldn't be too crazy to have a pullback into last months candle. The 50% line is 318.15. Bears could just get stopped out though. We're in a nice ascending triangle ATM and look ready to go up. Bulls did break out of a flag and came close to the top of the pole (which is 328). The issue is this resistance zone is staunch and could pose an issue.
Important S/R
331.65 (Jan/Feb S/R)
327.59 (3x Resistance)
321 (5x Support)
Unfilled gaps
Up
327.23 - 332.58
Down
296.74-295.63
291.95-286.28
August Historical Perf
Last year Close: -1.73%
Last year Hi/Lo Diff: 6.43%
3yr Avg Close: 0.46%
3yr Hi/Lo Diff: 4.59%
5yr Avg Close: -0.92%
5yr Hi/Lo Diff: 5.99%
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!
August Wk 1 Thoughts
Off the heels of important earnings last week, what's possible this week? Bull breakout or an unexpected pullback?
1) Weekly Time Frame
Medium bullish candle. Not very standout-ish. Seems weaker considering its wicks are within the previous candle.
2) Daily Time Frame
Bullish to say the least. Got an extremely long wicked reversal candle. If we were coming off of a breakout push i would say it's more "reversal-ish". But this slow play to the gap isn't weakness as much as it is caution. It doesn't seem likely to be a big push easily through 330. They seem poised to get there though.
3) Side Thoughts
Wouldn't be too crazy to have a pullback into last months candle. The 50% line is 318.15. Bears could just get stopped out though. We're in a nice ascending triangle ATM and look ready to go up. Bulls did break out of a flag and came close to the top of the pole (which is 328). The issue is this resistance zone is staunch and could pose an issue.
Important S/R
331.65 (Jan/Feb S/R)
327.59 (3x Resistance)
321 (5x Support)
Unfilled gaps
Up
327.23 - 332.58
Down
296.74-295.63
291.95-286.28
August Historical Perf
Last year Close: -1.73%
Last year Hi/Lo Diff: 6.43%
3yr Avg Close: 0.46%
3yr Hi/Lo Diff: 4.59%
5yr Avg Close: -0.92%
5yr Hi/Lo Diff: 5.99%
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!
