Both inflation-linked economic releases today (Durable Goods & Home Sales) will influence the direction. With strong QQQ-Earnings begins after market close - expect a very volatile day. VIX is still high so +- 1.5% move in SPY is expected.
For now a strong Volume- and at the same time Supply-Area from past week destroyed any breakout-attempt for now. That might change today after the strong TSLA-Earnings.
Once there is no more Selling Power, QQQ can easily fill the first Gap above
With the overall good performance of IWM the past days we managed to end the day above weeklies POC.
Futures look very promising, so i assume a test of the long-time support, now resistance area above.
The big push yesterday broke through the former Supply-Area 452-4 - that should be our new Demand now.
With green Pre-Market we should look at the next big resistance at 457 - with SPX at 4560 we should be able to test it today.
House-Prices and a few FED-Speaker today, so trade carefully
I expect a slightly bullish month-ending. HF-Manager need to report their...
After a very strong week, SPY is seeing resistance in the 452/3 Supply Area. A basing aroun 450 would be a bullish sign - the next big resistance is around 457 - was tested often prior to the big drop.
We are heading into Day 6 of the reversal-squeeze. Futures are slightly red and i would assume that the price needs to consolidate a bit/re-test the DEMA 100 and form a new Base.
The next resistance above is a pretty strong one and i doubt that it will be broken today.
Possible little Bull-Trap in the morning, so watch out.
OPEX Day with a record number of expiring contracts.
SPY ideally uses the 438-area / yesterday POC + DEMA 200 as new Support and holds it.
Low volume day expected with some volatility - Past Fr/Mo were red, so be careful towards the close
After the runup post FOMC, Futures clipped again 437/8 Resistance and with not ideal news from russia we will likely re-test 432 today.
OPEX tomorrow, so most of the big contracts will be rolled today to be safe. That happens usually with very low volume.