Spy Pre-Market Thoughts | Daily Commentary

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Happy Friday!
Bulls and bears surfing in a channel yesterday. Got two baby gaps on each side. Last earnings day of the week. Which gap will they choose?

What is the market saying?

- Bulls would like to go north, but is there any energy left?

1) Weekly Time Frame

- Up and getting closer to the gap.

319.34 & 317.59 as weekly lower highs

304.32,304.21, & 300.5 as weekly lower lows

2) Daily Time Frame

- Bull flag breakout 14 July. Looking for a test of the breakout price. 317.6

3) Daily Indicator Standings

MACD: Above zero // Buy
BB: Hit deviation line 15 July // Hovering below deviation
RSI: Sideways since 6 july // 61.84 -> 60.43
KO: Signal line above 0 // Slow line above zero // Buy signal
OBV: Overall Uptrend // Sideways since 6 july // Bull flag channel surfing


Resistance levels
(Pre-Market) 321.75ish
321.57
321.7
322.2
323

Support levels
(Pre-Market) 321.2
320.8
320.55
319.7
317.6
308

Unfilled gaps

North side
321.28 - 321.85
325.85 - 333.48

South side
319.09 - 318.92
310.68 - 310.52
309.07 - 308.36
296.74 - 295.44
291.95 - 286.28

3) Side Thoughts

- Mind the gaps. both end numbers are support/resistance and things can get wild and whipy in the box.

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!

Comentário:

above 321.2 is important for the bulls.

losing this and 320 will present problems for them

Comentário:

Market opened above the gap they had to fill. Could they just be wanting to fill down on it?

Comentário:

/esmini world: coming down off the top of the vwap. hitting the centerline now

Comentário:

Bears pushing down. Just checked out the 30m RSI and it started over the 70 line and is taking a quick u turn down.

in other news, PCSPX is super heavy on call purchases. good contrarian move to grab a put expecting a little more downside perhaps.

Comentário:

15m candle is of a nice size and volume.

bulls will be crawling back up.

theyll need to close above 321.6 to hit the candle top at 321.9.

Comentário:

320.6 is a prior resistance area, bulls may be able to find some support around there.

Comentário:

taking a nice cut through that. should have a test of 320.5-.6ish before trying to take on 320.

Comentário:

if bears manage to close under 320, that really bearish. bulls need the round number to keep hope alive.

Comentário:

320.5 test in progress

Comentário:

got close, 320.48

Comentário:

bulls made it back to where the morning started. 321.6 is still the number they need

Comentário:

above 321.6, 321.75 and 322 should have some pushback

Comentário:

321.85 gets bulls out of the window. its already been filled but thats right below the open this morning. and just another pushy spot

Comentário:

they hit 322.2 in the last hour. that was the daily resistance on the board. if they plan on keeping the market in limbo, theyll want to close here.

thatll set us up for a double top next week.