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August Wk 4 Thoughts
The market is now in new territory. Until there is a signal for a trend change
1) Weekly Time Frame
Decreasing volume movement overall. On a 4 week green streak. The prices up here have no history. So its best to anticipate anything.
2) Daily Time Frame
Got a gap from friday that is asking to be filled down at 339.72. Totally possible they leave it behind like every other last gap. Essentially however, these things should be filled. There's a channel being adhered to rather nicely. This week is also the breakout week from a flag that was growing last week.
3) Side Thoughts
Expect some downturn to test 340. This whole number is looking to be touched. On the flip side, 350 is quite the number to hit all time highs at.
Important S/R
342.72 (Flag target)
340 (Psychological)
339.72 (Prior high S/R)
338.64 (Flag breakout)
Unfilled gaps
Up
N/A
Down
341.35 - 339.72
331.13 - 330.06
327.73 - 326.63
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 intra-day 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 4 Thoughts
The market is now in new territory. Until there is a signal for a trend change
1) Weekly Time Frame
Decreasing volume movement overall. On a 4 week green streak. The prices up here have no history. So its best to anticipate anything.
2) Daily Time Frame
Got a gap from friday that is asking to be filled down at 339.72. Totally possible they leave it behind like every other last gap. Essentially however, these things should be filled. There's a channel being adhered to rather nicely. This week is also the breakout week from a flag that was growing last week.
3) Side Thoughts
Expect some downturn to test 340. This whole number is looking to be touched. On the flip side, 350 is quite the number to hit all time highs at.
Important S/R
342.72 (Flag target)
340 (Psychological)
339.72 (Prior high S/R)
338.64 (Flag breakout)
Unfilled gaps
Up
N/A
Down
341.35 - 339.72
331.13 - 330.06
327.73 - 326.63
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 intra-day 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!
