SPY WEEKLY June 10 2024Welcome to SPY weekly. I have clearly explained the trades in this session. If you have any doubts feel free to ask me your doubts. NOTE: DO NOT RANDOMLY BUY CALLS Long14:48by THECHAARTIST885
SPY: Week of June 10th And I'm back. Sunburned to all h3ll. haha For next week on SPY, its looking bearish initially. We do have a reference target at 533 so expect a retrace to this area. Looking for 529 and ideally we break below to head to those low targets, because that will test this wedge SPY is making. Here is the wedge from a daily perspective: And the weekly: Probs on SPX and NDX are particularly bearish which gives the most reliable assessments. SPY is meh. Loosy goosy essentially. We fell below the threshold range in afterhours on Friday. We left off with a setup that brings SPY down to 531, so potential gap down situaiton. If its going to sell, I would like to see it sell right away and quickly to rebound back up. If we hit those low targets you're pretty golden to long and just hold long because of this: Key points to remember for next week: 1. Trend support rests within the lower low targets (the red box in the chart). 2. Reference target of 533 which is hit roughly 80% of the time, meaning that if we see a fast sell, we will likely see an equally fast rebound. 3. We are still midway into the wedge, its not likely we see a big breakdown here. We do have some catalysts, NVDA split (bearish), FOMC (neutral). These may be catalysts enough to bring us down to the trend support but they aren't going to likely cause a break down or out one way or the other. Cavet: If we go up first, which is a possibility, then we look for rejection at the top of the range in the chart. Going up first doesn't make sense when you look at the math levels/predictions. Its a cleaner setup to go down first and snag the math low estimates and the trend support. But, if the market wants to shake things up (it really hasn't shaken things up in a very long time, its been pretty stable lately, but there is always a first), then we could technically go up first. This wouldn't necessarily change the bearish re-test but it would complicate the reversal point. Overall bias remains, shocker, bullish. Safe trades everyone! by SteverstevesUpdated 3344
Spy Spy Is expected to make one of the biggest moves of the whole year Tomorrow, be very careful with tomorrow moves will keep everyone posted!!!by JoeWtradesUpdated 667
SpyLooking a test of the 20sma this week. Lots of support near 528-530.. I'll list then here 1. 20/21 Ema - 528 2. Trendline - 530 3. Gap close support 528 They could dip this to 526 to trap some bears but unless it closes below 525 I wouldn't linger short. The only reason I'm leaning towards 540 is because of the Dow and XLY sector.. dow wants 40k again in my opinion. And XLY (Amzn& Tsla) looks prime for a pennant breakout. Since we are near the top of this wedge I'd say CPI and Maybe FOMC gets us to flush first to 529 then PPI the following day could get a rally back to resistance or 540.. IWM daily chart Looks to be headed back to trendline support or 193-195, from there we'll either bounce or kick off a full bear reversal back to 170.. yellow trendline has been bulls cock blocker for the last week. Dow jones daily chart Look for a drop back near support in the coming days then a rip similar to what I circled. Only bearish below 37,500 As far as tech goes .. pay close attention.. I think the leaders going forward will no longer be chips.. here's 2 major chip sectors SMH, SOXX. SMH daily chart (Log scale) Top of channel, both channels Zoom in Here's Soxx Daily chart similar setup as SMH Zoomed in I think this next pump this week will be the last before a major correction.. After AVGO earnings this week we will see. Now here's XLY Bullish pennant here that either amzn or tsla (Or both) will benefit from. I think we breakout this week. Qqq daily chart.. Grinding against white trendline resistance.. Look for a pullback to 454 this week, that's as lows I'd take it.. below that and 450 is next.. if we bounce at 454 then 470 is incoming... Bears only in control below 447. Summer months usually have low volume so expect 1 or 2 big moves a weeks depending on economic news then chop for most days. Got your messages in my inbox. I won't be active here as much this month and I'll be gone after this month.. Glad to have helped, taught, and explained whenever I could. by ContraryTrader7722
$SPY June 10, 2024AMEX:SPY June 10, 2024 15 Minutes On Friday as expected rectangle breakout happened with retrace and high also was 536.9. As seen in chart the oscillator 5,35 still has not worked out as expected and AMEX:SPY finding it difficult to break out on upside. AT the moment we are having 100 averages around 533. So holding of 532 is important today. For the last fall from 539.9 to 533.49 4SPY retraced 61.8% to 535.44. Hence uptrend today only on crossing 536.45 levels for a target 538-240. On downside i expect 529-530 to hold if 532 breaks being 200 average supports. It also happens to be 50 and 100 moving average support in 60 minutes time frame. In one hour, we can see clearly. It was a steep rise from 518 to 535. Hence a sideways time correction in progress. So, for the day buy above 536.5 fir 538-539 and sell below 532 for 529-530. Not much of a R: R so I will not trade today, unless I get a good bar in 15 minutes, close near top and good volume. by RiderTrader4410
$SPY range $479-$529, the path to the top (and bear market)AMEX:SPY looks to be showing signs of weakness here. Thinking that we could see the first large decline of the year into one of the support levels below $479-$495. Breaking the trend line would be the trigger. If that happens and we do get a low, then I think we'll have one final rally to the upper resistance levels between $525-$530. Another possibility, is we just continue upwards to the top resistance levels and then decline after. Idea of a range is you want to buy the lows (supports on chart) and sell the highs (resistances chart). Regardless of the path we take, we're nearing a top in the market and after we hit those top levels, I expect a large decline lower (one that takes us past the prior 2022 lows). Ultimately looking for SPY to reach the $280-300 level by the end of 2024. But let's save that analysis after we see what happens in this range. by benjihyamUpdated 606047
$SPY June 12, 2024AMEX:SPY June 12, 2024 15 Minutes Looks like AMEX:SPY has sorted out the 532 levels for the moment. It tried to break today and ended up in holding and making 537 ATH. Hence considering 532.04 as new low the rise to 534.77 retraced 50% of the move. And now wave 3 in this move looks like in motion for a target 540-542, provided 533 is held. For the day, considering the rise from 533.05 to 536.63 holding 534 levels uptrend intact for 540+ levels. On downside if 533 is broken I have a target 530 being 200 averages. Bias is long as of now. Oscillator looks like gotten sorted out. Longby RiderTrader336
SPY $539 Price Target A 528 B 527 C 525 D 518 These were all accumulating zones for the next leg up $539, lets go bulls hope you guys follow the chart you'll be in money lets gooooo!!! Sun June 2 afterhours spy is at 528.80 Will be waking up to huge returns!!!Longby JoeWtradesUpdated 141431
I spy $600Hi everyone - I wanted to make a quick post with my thoughts on the next moves for AMEX:SPY using Elliott Wave Theory and Fibonacci Price/Time levels. I’m on my phone so I apologize if the chart screenshot looks cluttered. AMEX:SPY is currently in a Primary W5 that should conclude in August. Yesterday we saw a spike after CPI came in cooler than expected, which completed the Minor W5/Intermediate W3 at $542.46. The market also received disappointing news that the fed is only planning on one rate cut this year. This type of news bolsters the argument that we are entering an Intermediate W4. I do not think this wave will last long and it could be choppy since Intermediate W2 saw a sharp move down after the extended W1. I will not go short on this trade and will wait to go long near the bottom of the channel ($530) around June 24th. As you can see on the volume profile, there is significant buying pressure at this level which will propel us into Intermediate W5. The fifth wave will need to reach the Primary 1.618 price level and Primary 1.618 fib time marker. These levels cross on August 6th at $594. I think there will be psychological pressure to hit $600 since we’ll be in a PW5/IW5/MW5 wave. From there, I predict we enter a bear market that could also carry a negative news catalyst. If the bear market is primarily technical without fundamental support, I predict the market will pick back up next year. Longby ap769444
SPY is gonna crater - NVDA was the sign like Cisco and Enron!Besides the TTM squeeze being fired off - I've seen some hedgies go to cash, PLUS I'm seeing huge dark pool buying for 2x and 3x BEARISH SPY ETF's. I bought some $11 SPXS puts for .07 a piece as a hedge. There was a ton of OI in those calls... Links to dark pool buying in the comments. Shortby EmptyEternityUpdated 2215
SPY still bullish, holding both the 1D MA50 and MA100.Last time we looked at SPY (May 01, see chart below) we gave a strong buy signal following the 1D MA100 (green trend-line) bottom and we are already well into new All Time High territory: As you can see, the price hit the top of the short-term (dotted) Channel Up and pulled back to the 1D MA50 (blue trend-line) again. This inability to break above the Channel Up, leads us to believe that it will continue to be the dominant pattern, instead of the long-term (blue) Channel Up, and will dictate the price action higher but only gradually. Another test of the 1D MA100 is possible under those conditions that will allow for a smooth hit on our 555.00 long-term Target. If however the dashed line holds, it is possible to see an even more aggressive Channel Up materializing, in which case we will move our Target even higher at 580.00, in order to represent a Bullish Leg similar to January - February 2024. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇Longby TradingShot1119
$SPY June 13, 2024AMEX:SPY June 13, 2024 15 Minutes. AMEX:SPY as target 544+ levels with gap up. I had no trade. Officially AMEX:SPY in buy zone for a long term. Holding 490-495 levels, once AMEX:SPY crosses 550 levels I have multiple targets up to 640 levels. Hence uptrend confirmed in daily. No more shorts until trend change in daily. in 15 minutes, we gave one problem bar. It made all time high and closed near low too, 54412 to 540.98. As moving averages are away, I see consolidation. I always believed gaps are good and movement is string if gaps not filled. So, considering the rise 532.04 to 544.12 i see a risk to reward entry only around 538 levels for the day. Now long only above 544.5, provided close of bar is good in 15 minutes. If I get my price, I will go long 538 - 539 levels for 546-548 as target. Taking 518.36 as low for the move 518.39 to 536.9 to 532.04 we can see $ SPY has achieved 61.8% of extension. Hence, I expect next levels to be in range 544-551. In 15 minutes for the move 532.04 to 544.12 to 537-538 (my retracement levels for the day) we have 546 as 78.6% extension and 548-549 as 100% extension. Hence my target now 546-548. I miss lots of trades due to gaps. Need to sort out that issue.Longby RiderTrader115
SPY Summer PullbackThe recent low levels of liquidity may become more prevalent moving into the summer time as vacation time for many nears. I am also waiting to hear the decision from the Bank Of Canada as well as other major banks around the world about the start of quantitative easing and lowering interest rates as soon as June. The only problem with this, is the increasing value of the USD/DXY which may begin to strengthen against other currencies whom begin their devaluation. Because the markets are generally measured relative to the dollar, a stronger DXY may provide the market with some downside in the summer months. We do have some gaps (inefficiency) below at approx. 505-510 on the SPY. Interestingly or not , the golden 0.618 golden fib overlaps perfectly in these potential support zones. I do not quite see the larger probability of a major market crash during an election year at the moment, and the longer term trend is still bullish. Lets see how things play out by afurs1Updated 552
$SPY June 7, 2024AMEX:SPY June 7, 2024 15 Minutes. As expected, a sideways day. Today holding 531.5-532 uptrend continues for a target 537-539. In weekly if we the move from 348 to 459 to 409, 1.618 extension for that move is 590. Hence i believed that as long as 480-490 was held we are in for a big move upwards. Longby RiderTrader664
SPY dip in the AM, Rise till the fed then have a health dip.This will dip in the morning as companies take ATH profits then retest. Market is running to hot and needs a healthy little pull back. by jda746110
SPY Short SwingLooking for a pullback to 526 area, after pattern break, trade into pattern PoC. liquidity zone.Shortby Smart_Money_Cpyder224
SPY Weekly OutlookMany of you are confused on the recent price action of the market. When in doubt, zoom out. Pay attention to the next fib level and pay attention to GOLD & OIL. Feds only cut rates during market turmoil not during bull runs. To keep it SHORT and sweet. It doesn't end well for risk assets. On the other hand, have you seen the prices of cocoa??? Insane!by stantheinvestingmanUpdated 116
$SPY June 11, 2024AMEX:SPY June 11, 2024 15 Minutes. AMEX:SPY held 532 and did not cross 536.5. Big consolidation in 15 minutes. All averages except 200 have converged in 15 minutes. So, holding 532 I expect 539-540 as target now, today or tomorrow. (Tuesday or Wednesday), as nearly 5 days of consolidation in 15 minutes. And on breaking down 532, target is 530 being 200 averages. So not time to short. Longby RiderTrader223
$SPY Puts IDEA 6/13 #GapFill #DoubleTopCheap idea... Multiple techinicals pointing this down.. however i give little to non daily candle plays... but thought this was worth a shout out - Proph Always with the juice.... man 536p 6/13 @ .35 COME PICK UP THOSE WHO WERE LATE TO THE BULL MARKET!!! ;pShortby Prophecies_R_Us222
SPY short hunt is back onI will set an alert at the low of the last two days. At that point of the days internals look soft I will take a beginner level starter put position. The intent is to risk a small amount of $ to try and catch a day trade that I even still want to hold by the end of the day. Alert at 532.50 Shortby alleytraderUpdated 111
$SPY Looking to continue dippingHello Everyone, AMEX:SPY on 3 hours and 4 hours time frame still shows some consolidation to low range of $425 Stop loss your bestie 📈✅ Good luck and happy trading Shortby HussinvestmentsUpdated 441
$SPY Target near Apex.Updating Levels as we got ways to go before we see $600 AMEX:SPY return of hyper inflation will we see AMEX:SPY my high target of $640.30 or will it die off around $540.70 give or take after we reach those highs we will see pullback back down to $395 if buyers fail to step up to show support we'll be testing 2008 lows back around $285 eventually down to $200 then $86 then $24 (WW3 scenario / end of world scenario/ near default) As bears we've done our job to short squeeze it to highs as news hit about Trump wall st bought up the rumors let's see how long we'll extend the rally. Thinking we got a bit more to go before we short completely after the rate cuts come around fall time you'll see a mass sell off as banks shut down.Longby calmstradesUpdated 221
$SPY update 5%+ correction then retest of highsOriginally I was thinking that we'd see a move to the $480 support after testing the highs, however, because we haven't fallen yet, the chart no longer supports that view. Instead, I think the most likely scenario is that we fall on or after Wednesday 5/29 back to the low $500 area, then we go back to test the highs at $530. The retest of $530, will setup the lower high which will start the bear market. So basically there's one more chance to buy the dip in the low $500s, ride that back to the highs, and then you'll want to be a seller from July onwards. Let's see how it plays out.by benjihyamUpdated 141415