I have a few things to do here so just a quick update on spy. I do think a surprise rally higher than most expect is possible here, the 18ma on daily is the target for both bulls and bears in my opinion - bears want to see it hold, bulls want to see it surpassed. Triple witching is tomorrow so expect the unexpected and for me that's a substantial and surprising rally. Lower than 392 would be problematic but at the same time it could be a whipsaw to entice bears to short. As long as the structural trendline holds, I'm staying long with a light position. Good luck!
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IWM and DJT both outperforming today - usually a bullish sign
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structural trendline on SPY I'm watching.
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lower than expected but could be a bear trap. 15minute bull divergences still in play.
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trendline breakup on SPY, doesn't mean anything yet. 395 still a ways away.
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we're over the support level which broke down and should have been resistance - that looks bullish.
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Bulls want to see 392.5 hold, bears want to break it and end the day at the lows. 395.5 still the area to take out for bulls to continue the uptrend, otherwise it's just noise.
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352.5 lost and although they rallied back to it they are not overtaking it. Looks currently like bears are going to sell it down into the lows at the close. I will stop out of the trade if so.
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sorry, I mean 392.5
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Double bottom support level. should be a reaction here, but it may crack overnight/tomorrow. Personally going to wait on the sidelines and see what tomorrow brings. Good luck!
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NQ landed on a possible support target, we'll see if it means anything soon enough
@Just1v4n, just google it, plenty of info out there
JRSone
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@Just1v4n Has to do with quarterly options/futures contract expiration. Obviously, quarterly ecpirations occur four times annually, with the next "witching" set to occur in mid-December of 2022 (12/16).
gipsyblood
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@Just1v4n, Quad Witching, options expiration for the quarter.