SPY Daily Commentary | S/R

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Happy Thursday!
Up up and away is the phrase to follow. The Fed has a speech at 9:10 that the market is anticipating some news. This will, as always, cause a violent reaction one way or the other. Bulls are still looking ahead, with 350 in their eyes. Be weary that the market will have big fish in the pond today.

Graveyard Shift / Morning Crew
Graveyard Shift: Continued the push up to 348.35. New high after close should be counted as bullish.

Morning Crew: Gapping up higher right now. Pushing the 349 level.

Futures Crew (/ES)
Breakout around 3445 up to 3480. Got a pole to work with now. Looking up to 3515 as the flag top of this current breakout forming.

Resistance levels
(Pre-Market) 349.13
(See Shared Chart)

Support levels
(Pre-Market) 347.11
(See Shared Chart)

Gaps
?? - 347.86
341.06 - 339.71
331.18-330.06
327.73-326.63

Extras

Shared Chart
tradingview.com/chart/oOetWWMH/

*This chart will be shared and updated all day. Come to this idea to get commentary all day for intraday playing. If you would like to know my thoughts for this week, see the chart below*

Weekly Projection
See below.

If this helps you, like the chart and feel free to follow me. I freely offer intraday SPY commentary. 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!

注释

Green dotted line is the current hourly support trend line.

of note. the VIX is up 2%. This is in expectation of volatility. Expect option prices to be valued accordingly.

注释

out the gate. looking for a gap fill to 347.86

注释

theres the window. now its the waiting game for the fed...

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wow i just realized my time is lost. past the speech time...

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meanwhile, we have continuation now from yesterdays close. bulls tryin gto climb back up to the opening high 348.59

注释

bulls made it to the pre hi.

holding this area is extra bullish and 350 is the goal.

losing 348.35 is pivot time, and the bears should like to get to the pre market lo.

注释

bears came up short again.

now theres a higher low.

bulls have 2 mins to close above 349.3ish to set a higher high.
closing below starts the consolidation time.

注释

Bulls got the higher high and bears have the higher low.

so, above 348.35 and pressing up on 349.55 is building energy to bust and hit 350

but, keeping an eye on the p/c ratio and vix is also important
p/c ratio below .98 is suspicious.
vix spiking above 2.5% is also suspicious

not expecting a shake out. things should remain steady going up.

if p/c and vix start doing crazy things though, big fish will come play.

注释

well vix is up at 12% now. and the bulls lost 348.35

bears are testing the last daily high right now.

bears have the ball right now. but not a strong grasp until theyre below the pre low 347.11

注释

on the futures chart, we are at the breakout area right now.

getting under 3468 (3465 for good measure) is where the bears take the reins and can run to find a low.

If bulls are still in control, they should want to show up and get back up near 350.

注释

looking for bulls to recap pre market support to get back higher

failing to get this validates bearish behavior for the time being.

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emini future had a spot on call. bounced at 3465. bulls are still around to play for now.

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above the pre low is good. bulls next need to cap 347.86

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348.35 was the important support earlier, and now is a resistance point.

safety for the bulls is 348.5. sitting at 348.35 and putting pressure up should get to the safe spot.

this is a pullback from a drop though as it stands. but since today is a continuation of the flag, that pullback holds less importance for another leg down.

注释

Green dotted line made before the market open is what bulls would like to close above to maintain trend.

Prize of the day is 350. Came up short earlier with early sellers getting shook out.
Second time back is a different story than the first.
Bulls still want to approach cautiously cause theres limit sells hiding between 349.87 - 350

could bust through it. but friday is a more reasonable expectation to perform the deed.