SPY Channel Analysis with Levels (Week in Review)
Last week, we provided a SPY Channel/Trend Analysis for the upcoming week. This weekend, we will break the week down into 2 segments: 1) the move to challenge the upper channel & 2) the $SPY channel/trendline break.
In doing this, we will keep the 2 basic Channels/Trendlines on the chart, and overlay them with our Intraday Levels from our algo. This provides a greater perspective into how our preparedness meets the market throughout the week and why our confidence and expectancy in trading are so high.
First, we have color-coded our INTRADAY LEVELS for speed in determining direction and postioning. This is our "Legend" if you will:
GREEN/RED Lines are BUY/SELL Triggers
WHITE Lines are SUPPLY/DEMAND (These are KEY R1/S1 levels with more significance than I will go into here)
GRAY Lines are Support/Resistance (R2-R5/S2-S5)
ORANGE Lines are BUY Targets (R1 goes to T1 / R2 to T2 / R3 to T3, etc...)
PURPLE Lines are SELL Targets (S1 goes to T1 / S2 to T2 / S3 to T3, etc...)
SPY INTRADAY- MON & TUES in Review
MON- GAP Open and retreated back to the GREEN BUY TRIGGER, then hit WHITE SUPPLY (R1) & ORANGE LINE (TGT1) upside; $SPY was unable to push much over Gray Line (R2), but remained POSITIVE for the day
TUES- GAP Down, SPY hit S4/T4 on Tues at 1045am, and put in a bottom...rallied all the way back up to WHITE DEMAND (S1) level and finish POSITIVE for the day
In doing this, we will keep the 2 basic Channels/Trendlines on the chart, and overlay them with our Intraday Levels from our algo. This provides a greater perspective into how our preparedness meets the market throughout the week and why our confidence and expectancy in trading are so high.
First, we have color-coded our INTRADAY LEVELS for speed in determining direction and postioning. This is our "Legend" if you will:
GREEN/RED Lines are BUY/SELL Triggers
WHITE Lines are SUPPLY/DEMAND (These are KEY R1/S1 levels with more significance than I will go into here)
GRAY Lines are Support/Resistance (R2-R5/S2-S5)
ORANGE Lines are BUY Targets (R1 goes to T1 / R2 to T2 / R3 to T3, etc...)
PURPLE Lines are SELL Targets (S1 goes to T1 / S2 to T2 / S3 to T3, etc...)
SPY INTRADAY- MON & TUES in Review
MON- GAP Open and retreated back to the GREEN BUY TRIGGER, then hit WHITE SUPPLY (R1) & ORANGE LINE (TGT1) upside; $SPY was unable to push much over Gray Line (R2), but remained POSITIVE for the day
TUES- GAP Down, SPY hit S4/T4 on Tues at 1045am, and put in a bottom...rallied all the way back up to WHITE DEMAND (S1) level and finish POSITIVE for the day
Vet
