Spy Pre-Market Thoughts | Daily Commentary
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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 market says, not what i hope.
What is the market saying about today?
1) Bear flag
-Got a bear flag that started June 8. Still holding well.
2) 20SMA
-Bulls just touched closed on the 20SMA coming up.
3) Indicator Standings
MACD: Above zero // Sell
BB: Uptrend // Above Center
RSI: Uptrend // 54.67
Stoch: Buy
KO: Below zero // Buy
OBV: Uptrend
So what could happen today?
Bull case
1) Start closing 15 min, then hourly candles above 315
2) Get to the gap 315.64-317.16
3) Start filling the gap
4) Capture the hard daily resistance of 316.37
5) Fill gap to 317.16
6) Pursue 320
Resistance levels
(Pre-Market) 314.7
314.2
315
316.36
Bear case
1) Start closing 15 min, then hourly candles below 314.21
2) Capture 312.5
4) Get to round number of 310
Support levels
(Pre-Market) 312.5
312.36
310.83
307.75
Unfilled gaps
- 2 gaps to the north side
315.64-317.16
325.85-332.58
- 2 gaps on the south side
296.69-295.63
291.75-286.28
If this helps you like and follow the chart all day. Ill be giving updates as they show up! Getting feedback helps a lot. Thanks for taking the time to read. All of this information is my interpretation and shouldn't be taken as trading advice. Good luck out there traders!
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 market says, not what i hope.
What is the market saying about today?
1) Bear flag
-Got a bear flag that started June 8. Still holding well.
2) 20SMA
-Bulls just touched closed on the 20SMA coming up.
3) Indicator Standings
MACD: Above zero // Sell
BB: Uptrend // Above Center
RSI: Uptrend // 54.67
Stoch: Buy
KO: Below zero // Buy
OBV: Uptrend
So what could happen today?
Bull case
1) Start closing 15 min, then hourly candles above 315
2) Get to the gap 315.64-317.16
3) Start filling the gap
4) Capture the hard daily resistance of 316.37
5) Fill gap to 317.16
6) Pursue 320
Resistance levels
(Pre-Market) 314.7
314.2
315
316.36
Bear case
1) Start closing 15 min, then hourly candles below 314.21
2) Capture 312.5
4) Get to round number of 310
Support levels
(Pre-Market) 312.5
312.36
310.83
307.75
Unfilled gaps
- 2 gaps to the north side
315.64-317.16
325.85-332.58
- 2 gaps on the south side
296.69-295.63
291.75-286.28
If this helps you like and follow the chart all day. Ill be giving updates as they show up! Getting feedback helps a lot. Thanks for taking the time to read. All of this information is my interpretation and shouldn't be taken as trading advice. Good luck out there traders!
Comment:
Bulls are trying to do something. Most apparently they want to fill the gap today.
Comment:
Theyll need to start closing above 315 on short, then long term candles to keep pushing up.
Comment:
315.3 is giving some push back. But the bulls already stopped out the push down 314.8
The mission is the gap. and no reason to think they wont accomplish it.
But what happens after is the question.
Imagining today will be a slow chop up with bursts here and there. nothing too crazy as volume is pretty light.
The mission is the gap. and no reason to think they wont accomplish it.
But what happens after is the question.
Imagining today will be a slow chop up with bursts here and there. nothing too crazy as volume is pretty light.
Comment:
they made it to the gap at 315.69 and the bears swiftly rejected. Bears would like to get to the premarket low at 312.6. They may make it. But if the bulls drive it up before then, we will have a range to trade in.
Comment:
Looking at the /esmini contract, bears just touched the VWAP centerline. Its normal to hit this at least once throughout the day. Under normal circumstances, we should expect higher prices now.
Comment:
Bulls need to recapture 314.22 to get the other bulls to start coming in
Comment:
bulls giving up the line, there is a gap at 311.7 from yesterday. looks like a bear target at the moment.
Maybe they wanted to kill two gaps with one day?
Maybe they wanted to kill two gaps with one day?
Comment:
Bulls fought off the 312.5
313.6 is a support bounce from earlier.
Itll be a resistance/support area until the bulls can cap it and push to 314.
313.6 is a support bounce from earlier.
Itll be a resistance/support area until the bulls can cap it and push to 314.
Comment:
theres a working range of 312.04 - 315.69
bulls are working a flag right now and the longer they float sideway above 312.42 the more likely theyll be pushing up north
bulls are working a flag right now and the longer they float sideway above 312.42 the more likely theyll be pushing up north
Comment:
bulls were never able to start closing above 314.22 and that held as a strong resistance point for them. who knows what the last few minutes hold though.
