SPY Daily Commentary | S/R

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Happy Friday
Rescue squad assemble! Bulls came in after a surprise dump by bears in the afternoon. Didn't drive up to the psychological 350. but kept float above 348. What's to be gained from this knowledge? Bullish.

Bulls really taking cautious steps to 350. 349.87 was the high before early sellers snuck in. Expecting the same slow play today. But more confident theres going to be a break of 350 than yesterday.

Graveyard Shift / Morning Crew
Graveyard Shift: Continued the save getting above 349

Morning Crew: Poking higher, 349.93. set to open in range of yesterday.

Futures Crew (/ES)
Opening at the breakout level 3495. Not ideally the most bullish scenario. Showing some exhaustion. Under 3480 bulls should be losing out though. 3507 is the breakout high. Looks like a target for bulls to get above. First big break is capping 3498

Resistance levels
(Pre-Market) 349.93
(See Shared Chart)

Support levels
(Pre-Market) 349.33
(See Shared Chart)

Gaps
341.06 - 339.71
331.18-330.06
327.73-326.63

Extras

Shared Chart
www.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.

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Kommentar:

Seems bulls overall are either hesitant or showing exhaustion this week.
dotted uptrend line is to be temporary resistance for hourly.
dotted green is the hourly support trend. held up well yesterday and days before as well. treating this as the reversal line for now.

Kommentar:

Vix is up
people expecting some volatility today overall.

Kommentar:

out the gate, bears bringing things down. the important number down is 348.25

Kommentar:

up to test pre low now.

Kommentar:

bulls keep coming up short of close above the pre low leaves bears open for a move

348.75ish is the bear low at the moment.

Kommentar:

bulls should want to get a close above pre low. most likely gonna look like a bust through and close above. then they should retest 349.33, hold it. and the ride to 350 would continue.

bears would like a close under 348.75. then drop to 348.5 and bulls should come for support at 348.25

Kommentar:

so far, up short from 348.25. not touching down there shows bulls are watching and still want to be close to 350.

Kommentar:

there she went.
likely gonna get a retest near here

Kommentar:

got the retest.

back to the start. bulls need to close above the pre low.

Kommentar:

off to 350.

question is...

what happens after they get there?

Kommentar:

oooh little shake out happening.

above the green dotted line = good

they touched the red dotted line and went down
not surprised.

Kommentar:

the two dotted lines almost converge into end of day.

tight squeeze should get some action happening.

Kommentar:

uh oh. bulls under the support line. theyll need to close above and hold the line to keep going up.

worth noting, the vix dropped into the negative since this morning.

market not expecting any big shakeout. but you never know when bears could show.
2 o clock drop shop is close, maybe this is their early appearance

Kommentar:

bears trying to work something in. had a whiplash at 349.28.

limit sells are in place going up and bulls will need to trudge through, skipping limit sell prices most likely to get to 350.

hourly s/r is posing resistance, 349.4

getting a close above this will buy time to 349.5 and workup from there.

Kommentar:

bulls capping 349.4 is the juice they want in the tank.
giving them a couple 5 min bars.

bears will try to prevent this, but road signs point north still

Kommentar:

boom