SPY opened up lower this morning and tested the $444 support. I personally almost thought it would fall, but buyers stepped in to confidently rally SPY to close at $448.11. Had some nice yet cautious scalps along the way.
In the 1 hour timeframe here, my script has painted a regression channel that is pretty accurate. At this rate, we could see a run up to at least $449.50's, which coincides with a known resistance level. I expect some sell-off there, so I would be interested in entering puts for a quick scalp downward.
There is a BUY signal that was suggested as well on today's rally. The projection targets can be seen in blue, and the first major profit zone is also the resistance line in gold of where I expect a sell-off. From the volume profile bars indicator, we can also see a fair amount of liquidity that will occur at the $449.50 area.
The Buyer and Seller Control indicator is also showing more strength for the buyers. I determine this based on the hollow portion (the inside zone) belonging to the side of which whoever has stronger momentum. We can see that the inner zone has been dragged up to come over to the buyer's side.
Tomorrow, 08/15/2023, we will have data released from sales for the month of July. This would be a move that will foreshadow the next major catalyst this week for Wednesday, 08/16/2023, which would be the FOMC minutes. For the bulls' case, they would want a dovish report in order to rally to and settle near 450 to break upwards. Bears would really like another try at 444 to cause it to buckle to 440 then 438.
In the 1 hour timeframe here, my script has painted a regression channel that is pretty accurate. At this rate, we could see a run up to at least $449.50's, which coincides with a known resistance level. I expect some sell-off there, so I would be interested in entering puts for a quick scalp downward.
There is a BUY signal that was suggested as well on today's rally. The projection targets can be seen in blue, and the first major profit zone is also the resistance line in gold of where I expect a sell-off. From the volume profile bars indicator, we can also see a fair amount of liquidity that will occur at the $449.50 area.
The Buyer and Seller Control indicator is also showing more strength for the buyers. I determine this based on the hollow portion (the inside zone) belonging to the side of which whoever has stronger momentum. We can see that the inner zone has been dragged up to come over to the buyer's side.
Tomorrow, 08/15/2023, we will have data released from sales for the month of July. This would be a move that will foreshadow the next major catalyst this week for Wednesday, 08/16/2023, which would be the FOMC minutes. For the bulls' case, they would want a dovish report in order to rally to and settle near 450 to break upwards. Bears would really like another try at 444 to cause it to buckle to 440 then 438.