1W on $SPY is currently backtesting the linear regression channel support which now acts as resistance. Price still has not yet tested the 1W 200 ema which is highly likely to be tested if price fails to reclaim the linear regression channel support. Keeping a close eye
If you zoom out to 1D on $SPY you'll see that price formed a doji aka. indecision candle and generally is an early sign of a potential reversal. Remain cautious!
The 4h 200 ema has acted as an important pivot point on $SPY and this is the area where the R/R presents itself to favor short positions over long positions after an extended bullish rally over the past few trading sessions. Watching it closely!
$TLT has seen multiple touches of the 114.30 level that have resulted in a reversal. Would keep your eyes on $TLT heading into the weekend. This Bond ETF Offers Bears An Alternative due to its inverse correlation to the SPDR S&P 500 ETF Trust (NYSE:SPY). The fund tracks a market-weighted index of debt issued by the U.S. Treasury with maturities of 20 years or more.
Watching 385.27 support and bottom of the daily linear regression channel for support. If buyers don't step in at 385.27, expect a move sub $380 on $SPY next.
Watching $SPY over 394.46 for long entries with a target at 400.05. The bulls have defended support nicely up to this point.
Very bullish action on 4h with TTM Squeeze now positive and RSI calling for further upside. Watching closely..
Looking for the retest of 410.64 daily level. Over 410.64, expect 416 in extension.
410.64 is a key daily/weekly support that turned resistance so a re-test would be expected at some point.
VIX: 28.78 support or 30.23 resistance. $SPY 402.55 resistance or 397.18 support. These are levels to watch this morning
$BP looks interesting here. Could try an intraday trade with long positions on the re-test of 31.93 resistance and then capture a run to 33.78 (1.618fib ext.) on $BP or try short positions below 30.07 for a test of 28.93 4h support.
Watching to see if this support test fails or if bulls step in at the trendline support.
RSI slight positive divergence on 1D with a nice looking reversal. Early Monday/Tuesday will be watching for bulls to look for continuation to retest the daily $410.64 support level that is now our resistance.
$SPY - Over 403.18 expect re-test of 410.64 daily support now turned resistance. Alternatively, Under 395.65 expect 4h 385.15 support test.
Trade Idea: $VIX short positions under 27.70 // long positions over 32.99
Monitoring $COST for swing entries off 1D linear regression support.
$VZ reclaimed 1D Lin Reg Support @ MCAD Converging.
$AAL is testing the bottom of 4h lin reg channel. Watching for an entry soon.