Spy Pre-Market Thoughts | Daily Commentary
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Happy Wednesday!
Yesterday saw a late afternoon crash. Bears are chopping through the graveyard shifts hard work. Will they continue the trend today?
What is the market saying?
- 321.3 is an important number that the bears have tested twice this week. Bulls have saved the fall both times. Creating distance from here is what bulls would like to see.
1) Weekly Time Frame
- Have a nice pin bar / tombstone candle made last week. the case could be made for bulls or bears. If this is the top of a run, it's possibly a reversal. Or this could be a slight sell of uncertainty, just before another run up. Tough call ATM. A bull flag was completed on the weekly. It resulted with a rejection.
2) Daily Time Frame
- Moving sideways, waiting until Friday to make big moves. There's a case that can be made from both sides.
Bear case: Break under 321.3 and move to the last breakout around 317.6
Bull case: Work up to 323.3 and prepare for a break to the high of 327
3) Daily Indicator Standings
MACD: Above zero // Sell Signal // just crossed
BB: Hit deviation line 15 July // Working Sidways to centerline
RSI: Set a low from Monday // 59.08 -> 55.97
KO: Signal line above 0 // Slow line above zero // Sell signal
OBV: Overall Uptrend // Pulling back to breakout at 9.922B
Resistance levels
(Pre-Market) 322.6
322.5
322.75
323
323.6
324.5
325 (pshychological)
327
Support levels
(Pre-Market) 31.8
322.1
321.5
320.95
320.75
320.2
320
319.75
319.3
Unfilled gaps
North side
327.23 - 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
Vix is down overnight. Not a lot but of note.
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!
Happy Wednesday!
Yesterday saw a late afternoon crash. Bears are chopping through the graveyard shifts hard work. Will they continue the trend today?
What is the market saying?
- 321.3 is an important number that the bears have tested twice this week. Bulls have saved the fall both times. Creating distance from here is what bulls would like to see.
1) Weekly Time Frame
- Have a nice pin bar / tombstone candle made last week. the case could be made for bulls or bears. If this is the top of a run, it's possibly a reversal. Or this could be a slight sell of uncertainty, just before another run up. Tough call ATM. A bull flag was completed on the weekly. It resulted with a rejection.
2) Daily Time Frame
- Moving sideways, waiting until Friday to make big moves. There's a case that can be made from both sides.
Bear case: Break under 321.3 and move to the last breakout around 317.6
Bull case: Work up to 323.3 and prepare for a break to the high of 327
3) Daily Indicator Standings
MACD: Above zero // Sell Signal // just crossed
BB: Hit deviation line 15 July // Working Sidways to centerline
RSI: Set a low from Monday // 59.08 -> 55.97
KO: Signal line above 0 // Slow line above zero // Sell signal
OBV: Overall Uptrend // Pulling back to breakout at 9.922B
Resistance levels
(Pre-Market) 322.6
322.5
322.75
323
323.6
324.5
325 (pshychological)
327
Support levels
(Pre-Market) 31.8
322.1
321.5
320.95
320.75
320.2
320
319.75
319.3
Unfilled gaps
North side
327.23 - 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
Vix is down overnight. Not a lot but of note.
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:
expect push back between 322.9-323
Comment:
Bulls holding up pretty good. Above 322 theyll want to go higher
Comment:
bulls up to 323.
bears should come back to test 322.7 before bulls can get higher
bears should come back to test 322.7 before bulls can get higher
Comment:
bulls still holding up price. making more supports that bears will need to traceback thru.
its bullish until its not.
its bullish until its not.
Comment:
bulls approaching cautiously to 323.5
above here is 324
above here is 324
Theyll need to first close a stick above 322.65 then they can work to 323