SPY Daily Commentary | S/R

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Happy Tuesday!
Four day week. What's likely to happen? Looks like the bear flag from last week is manifesting and there's some gap filling going on this week. Between Thursday and Friday, 2 gaps were filled. But theres still more to go.

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)

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.

Graveyard Shift / Morning Crew
Graveyard Shift: Drive lower, stopped above 340

Morning Crew: Gap down, driving lower. Bearish.

Futures Crew (/ES)
3400 was the important support. Has since been broken, as such, it is now resistance. For the bear flag to unfold, Looking to set a low around 3275-3300. Bounce inbetween 3400 and 3200 before the next leg down to 3100

Resistance levels
(Pre-Market) 339.99
(See Shared Chart)

Support levels
(Pre-Market) 336.46
(See Shared Chart)

Gaps
331.18-330.06
327.73-326.63

Extras

Shared Chart
www.tradingview.com/chart/oOetWWMH/

*This chart will be shared and updated all day. Come to this idea to get commentary all day for intraday playing. If you would like to know my thoughts for this week, see the chart below*

Weekly Projection
None this week.

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Comment:

Pre low is the line in the sand at the moment. Ties in line with 336.66 as a daily S/R

staying below, bears will want to drive down. Giving the market time to establish a preferred direction.

If the gap is not being chipped out at first, then we also get some ideas from the market.

Comment:

back to test 335.8ish

Comment:

332.9 is the next target if this is just a pullback

Comment:

almost to the top of the hour, which is important.

336.65ish is the gold line from a daily perspective, bulls will want to stay above to drive up. This area will be tested again most likely. just a heads up.

meanwhile. 337.55is where bulls look to hold for hour 2
with the prehigh as a target, the bulls would get two wins if they could cap premarket high, and fill the gap into end of day.

for now though, bears are keeping pressure

Comment:

got the bouncy ball happening.

starting the 3rd bounce now. bulls would need to get above 337.5 and close above 335.3 to convince me its not going down

until then, bears letting bulls test the pre low once more...

Comment:

bulls slowly worked their way back to the area mentioned.

should see some action here. If they get pushed under the golden line and cant get back above, that means bears defended the position and will follow the leg down.

bulls could rush through, and get rejected on the way to the pre high, if during the retracement 337.55ish holds, then bulls have the ball.

its almost 2'o clock, which would be a normal showtime for the market to make moves somewhere

Comment:

334.4 is the last stand for the bulls.

losing this and bears look for the next target

332.9ish

Comment:

bulls trying to retest 334.4.
come up short too long, theyll take a fall.