SPY Daily Commentary | S/R

Looking for support and resistance lines?
Like the idea and follow me for intraday SPY commentary!

Happy Tuesday!
Yesterday was a bull rescue of a day. Today is a make it or break it for them now. What's the crystal ball saying?

Bulls Case:
Working back up to the breakdown candle 342.5
Saved a bull trap unfolding yesterday
CAHOLD (Close Above High Of the Low Day)
gapping up

Bear Case:
Stopped bulls closing above the weekly S/R
Still in the breakdown candle
Daily indicators are in favor of bears right now

With the gap up this morning, bulls are trying to work out of this breakdown area. Bears would need to strip confidence early and keep pressure down to get the snowball rolling in their favor. As bulls prep for their push above 342.5, caution should be exercised.

important numbers today?
340 & 342.5 up
334 down

Intraday will give more details regarding todays move.

Graveyard Shift / Morning Crew
Graveyard Shift: Nothing Special. But 338 was the saving area. Its a clue

Morning Crew: Gap up. Tight range. Bulls want to keep pushing up on the 342 area to get their break out.

Futures Crew (/ES)
Bulls climbing the stairs up. Theyll want to be cautious around 3420. There should be a little pushdown on this second tap. but keep pressure up, theyll bust through it.

Two big numbers today:
For Bulls: 3420
For Bears: 3365

Resistance levels
(Pre-Market) 341.66
(See Shared Chart)

Support levels
(Pre-Market) 340.6
(See Shared Chart)

Gaps
356.37 - 357.48
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:

yesterday has a gap at the pink line.
looking for bears to try and touch here.

Comment:

worth noting, p/c ratio for spy a little high. 1.7 rn

Comment:

bulls pressing on the pre high, theyll want to break and hold it to drive higher.

Comment:

volume is telling. no big fish in the pond yet.
waiting for movement before taking a position on direction

Comment:

little bit of movement. bulls telling they dont want to be in the 340.5-341 range.
lets see if bears give them a spook soon

Comment:

somthing is happening. first save spot is the pink line. buuuut looking at yesterday, bears may want to test the weekly below. bull couldnt hold it well yesterday, but they wanted to get over it.

Comment:

bulls fighting to get up. staying under the pre high isnt reassuring that theyre ready for a breakout though

Comment:

bear move round 2

Comment:

bulls tried a move. bears came back and said "not yet"
just eating time off the day to make moves later.
still got the pink line. may or may not be filled.
everything is just on consolidation at the moment.

Comment:

looking at the 15, bulls are poised to make a move
cant forget the 2 o clock drop crew is inbound shortly.

Comment:

hello drop shop. lets see if bears close under the low of the day.

Comment:

short 5c right now. a little larger spread than they like.

Comment:

seems like market thought that was close enough for now.
bulls trying to make a comeback now

Comment:

bulls getting pushback at 341. theyll want to play keep away from 340.
keeping pressure up on 341 may garner a rocket back to pre highs

bears step in after getting a couple closes under mr pink line.
bears take the horns under 340.

Comment:

as per normal, anything goes in the last hour.