Spy Pre-Market Thoughts | Daily Commentary
Like the idea and follow the chart for free SPY commentary all day! :)
Happy Friday!
Quite the turndown yesterday. Will the bulls try to save the rejection today?
What is the market saying?
- Bears shot the market down at around 327.3ish. Bulls are still working to fill the remainder of the gap, No aggressive premarket work put in by the graveyard shift, that's a tell for something. Bulls is wanting to see where the market goes this morning before possibly getting swiped by bears. So I will be doing the same.
1) Weekly Time Frame
- Bulls filled a chunk of the gap. Still got some work to go though. Not even to the nice round 330 number yet.
2) Daily Time Frame
- Bulls breakout from about 322.5. Topped out at around 327.25ish. Bears did a rejection all the way to the breakout area. If today is a reversal plan, bulls should get a pull back to about 324.5ish, before bears work downwards. A good bear close would be 319.5ish. If yesterday was just a standard test, bulls can work back up to, and close near 327.
Bull plan:
1) Close hourly above 324.5
2) Close hour above 325
3) Work back up near 327
Bear plan:
1) Let bulls work back up to 324.5, but close the hour under
2) Sell down to 320.8
3) Get closing sticks under 320
3) Daily Indicator Standings
MACD: Above zero // Buy
BB: Hit deviation line 15 July // Hovering sideways
RSI: Set a 6 day low // 65.83 -> 59.59
KO: Signal line above 0 // Slow line above zero // Buy signal
OBV: Overall Uptrend // Near volume amount before the crash, above 10bil for 3 days
Resistance levels
(Pre-Market) 322.4
322
322.5
324.5
325 (pshychological)
327
Support levels
(Pre-Market) 320.94
321.45
320.8
320.3
319.5
318.9
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 took a big jump overnight. There's some worry in the market. Momentum coming into the morning seems more bullish than bearish, we'll see.
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 Friday!
Quite the turndown yesterday. Will the bulls try to save the rejection today?
What is the market saying?
- Bears shot the market down at around 327.3ish. Bulls are still working to fill the remainder of the gap, No aggressive premarket work put in by the graveyard shift, that's a tell for something. Bulls is wanting to see where the market goes this morning before possibly getting swiped by bears. So I will be doing the same.
1) Weekly Time Frame
- Bulls filled a chunk of the gap. Still got some work to go though. Not even to the nice round 330 number yet.
2) Daily Time Frame
- Bulls breakout from about 322.5. Topped out at around 327.25ish. Bears did a rejection all the way to the breakout area. If today is a reversal plan, bulls should get a pull back to about 324.5ish, before bears work downwards. A good bear close would be 319.5ish. If yesterday was just a standard test, bulls can work back up to, and close near 327.
Bull plan:
1) Close hourly above 324.5
2) Close hour above 325
3) Work back up near 327
Bear plan:
1) Let bulls work back up to 324.5, but close the hour under
2) Sell down to 320.8
3) Get closing sticks under 320
3) Daily Indicator Standings
MACD: Above zero // Buy
BB: Hit deviation line 15 July // Hovering sideways
RSI: Set a 6 day low // 65.83 -> 59.59
KO: Signal line above 0 // Slow line above zero // Buy signal
OBV: Overall Uptrend // Near volume amount before the crash, above 10bil for 3 days
Resistance levels
(Pre-Market) 322.4
322
322.5
324.5
325 (pshychological)
327
Support levels
(Pre-Market) 320.94
321.45
320.8
320.3
319.5
318.9
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 took a big jump overnight. There's some worry in the market. Momentum coming into the morning seems more bullish than bearish, we'll see.
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 back up slowly
321.5 and 322 are the big targets, and theres resistance at both numbers.
managing to get and stay above 322 should produce some buyers up to the 323.3 range
321.5 and 322 are the big targets, and theres resistance at both numbers.
managing to get and stay above 322 should produce some buyers up to the 323.3 range
Comment:
bulls ran up and tagged 321.75
the low support of yesterday.
currently, staying above 320.5 is okay. holding 321.5 is preferred though.
As long as they keep slowly pushing on 321.75, they should have a breakout from that area.
bears need under 320 to start making headway south thouugh.
the low support of yesterday.
currently, staying above 320.5 is okay. holding 321.5 is preferred though.
As long as they keep slowly pushing on 321.75, they should have a breakout from that area.
bears need under 320 to start making headway south thouugh.
Comment:
slow choppy day
320.75 is the mirroring line for now.
above, bulls are running to 322
below bears are running to 319.5
320.75 is the mirroring line for now.
above, bulls are running to 322
below bears are running to 319.5
bulls need to defend 319.5 to have some hope to make headway up north.