Like the idea and follow the chart for free SPY commentary all day! :) Happy Tuesday! Pretty large dump late afternoon yesterday. What's that say overall? It was a bearish day. More aggresive than expected, but it was mentioned last week that the 317.5-318.5ish range has been the subject of heavy rejection. Therefore, jumping above was not appreciated by the...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Monday! Graveyard shift did some work. Pretty good gap above today. Broke out above of the ascending wedge that was being made last week. What is the market saying? 1) Weekly Time Frame -319.3 ish made in a double top. Now the bulls are above that and will need to hold the line...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Thursday! WOW! What a surprising rejection yesterday. I made the comment that each rejection at the 317 line is getting more and more intense. Bulls creeping back up everytime though. Premarket today is showing weakness and looking to stay above a certain area. It's gonna be an...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Thursday! Bulls worked a late recovery yesterday, they're on a mission to fill gaps. The bulls have been unable to fill the top portion of the gap from last Thursday. Will they chase to the rest of the gap? Graveyard crew has decided to reset the starting line back to Monday's open. ...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Hump Day! Bulls fumbled the ball yesterday, will they save themselves today? The bulls have been unable to fill the top portion of the gap on Thursday. Will the bulls chase to the rest of the gap? Market doesn't like leaving windows. What is the market saying about today? 1)...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Tuesday! Got some pre-market action following yesterdays big gap up. The bulls were unable to fill the top portion of the gap on Thursday. Bears took a little nibble overnight. Will the bulls chase to the rest of the gap? Market doesn't like leaving windows. What is the market...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Monday! Got some pre-market action following the weekend. The bulls were unable to fill the gap on Thursday. They've gone ahead and jumped it today. Good news is there is a high chance theyll want to fill up and down. Market doesn't like leaving windows. What is the market saying...
Like the idea and follow the chart for free SPY commentary all day! :) Friendly Reminder: Today is the last trading day of the week. The markets will be closed tomorrow. Yesterday, the market ruined the nice wedge that was forming. Bears came out moments before the closing bell though not enough to close inside the wedge. That's okay though, i go with what the...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Hump Day. Yesterday i was almost caught eating my words on this descending triangle. Bears came out moments before the closing bell though. Last week we had a very nice wedge formation that broke down and has become a descending triangle. This week seems set to either confirm or reverse...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Tuesday. Last week we had a very nice wedge formation that broke down and has become a descending triangle. This week seems set to either confirm or reverse a nice descending triangle in formation. How it looks right now: 1) Interesting time Pattern around daily 200SMA - 26 May the...
Like the idea and follow the chart for free SPY commentary all day! :) Happy Monday. Last week we had a very nice wedge formation that broke down and has become a descending triangle. This week seems set to either confirm or reverse a nice descending triangle in formation. How it looks right now: 1) Interesting time Pattern around daily 200SMA - 26 May the...
Like and follow the idea for free SPY commentary all day! :) Float Friday is the name of the game. So what big moves can we expect? How it looks right now: 1) Flags inside flags inside flags, etc. - Bull flag starting May 22nd. This really hasn't materialized and was almost broken. Status: Active - Bear flag starting June 10th. Status: Active - Bull Flag...
Lots happened yesterday. Let's recap: 1) Dove down into the 200SMA 2) Took out 2 big round numbers 310 & 305 3) Set a lower low following a rejection to set a higher high So whats the deal today? Bears will need to show some follow through to get others out of the caves. Bull case 1) Need to start recapturing at least houlry candlesticks above the 200SMA 2)...
Overall thought: Continuation of the past two days work. Resistance is heavy going north and nightly bandits are profit taking. If the market has anything to say, it wants to stay in the ascending channel. Bull Targets: 1) 310 2) 310.9 3) 312-312.2 4) 313.66 5) 314.51 Bull Saving grace: Closing hourly above the channel Bear targets: 1) 309.4 2) 308.55 3)...
Before the open of yesterday, the thought was that the market was going to hop in a channel. They went ahead and took the ascending channel. We spotted the daily hard line resistance of 312.89 that needed to be push or gapped, turns out they gapped it over night. So what can we expect today? Bull case Target: Get ready to fill a gap or possibly fill the gap. To...
Pre-Market and Play commentary in related link below Today's goal: find out which channel the market wanted to ride in. Goal achieved! So there was definitely some important support and resistance numbers. The most important resistance today was 310.80 ish. That number was a strong support last Thursday and is now a resistance. Interestingly, this number...
Bear resistance Early resistant level: 308.92 (15min) 2nd Resistance: 309.43 (1hr) Bull resistance Early support: 307.56 2nd Support: 306 Expect some fighting at these first levels. Let the morning shake out occur until the first upper and lower levels are found
Looking at the daily time frame, there is a case for either a bull or bear outcome. Bull Case: 1) Green up channel Observation: All candles consistently close within the channel since 24 March. Downside: Channel width is very large. 13.5% price swing is not a tight channel to be 100% confident in. 2) Moving Averages (20,50,200) Observation: Price is...