Current Market Structure
* SPY is moving within an ascending channel, with higher highs and higher lows.
* The price is currently consolidating just below the key resistance level of $609.07, indicating indecision.
* The MACD indicator is flat, with a potential crossover, suggesting a possible breakout or breakdown in the near term.
Key Levels to Watch
1. Resistance:
* $609.07: The recent swing high.
* $610.50: Psychological and technical resistance above.
2. Support:
* $607.00: Near-term support at the ascending trendline.
* $605.72: Strong horizontal support, aligning with the base of the channel.
Technical Indicators
* 9 EMA: The price is hovering near the EMA, suggesting indecision. A close above this could trigger bullish momentum.
* MACD: Neutral, but any crossover above the signal line would support a bullish breakout.
* Volume: Volume remains low during the consolidation phase, so watch for a spike to confirm any breakout.
Price Action Scenarios
1. Bullish Scenario:
* If SPY breaks above $609.07 with strong volume, the next targets are $610.50 and $612.00.
* Entry: Buy at the break of $609.50.
* Stop Loss: $607.00.
* Take Profit: Scale out at $610.50 and $612.00.
2. Bearish Scenario:
* If SPY breaks below $605.72, the next targets are $604.00 and $602.50.
* Entry: Sell at the break of $605.50.
* Stop Loss: $607.50.
* Take Profit: Scale out at $604.00 and $602.50.
Trading Plan
1. Scalping:
* Focus on breakouts above resistance or below support with tight stop losses.
* Monitor volume and MACD for confirmation of momentum.
2. Swing Trading:
* Buy on retests of $607.00 if the price confirms the support level.
* Short if the price breaks and retests $605.72.
Thoughts
* The current consolidation suggests a potential breakout is imminent. Pay close attention to volume and how SPY reacts to $609.07 and $605.72.
* With MACD neutral, confirmation through price action and volume is essential before entering trades.
* SPY is moving within an ascending channel, with higher highs and higher lows.
* The price is currently consolidating just below the key resistance level of $609.07, indicating indecision.
* The MACD indicator is flat, with a potential crossover, suggesting a possible breakout or breakdown in the near term.
Key Levels to Watch
1. Resistance:
* $609.07: The recent swing high.
* $610.50: Psychological and technical resistance above.
2. Support:
* $607.00: Near-term support at the ascending trendline.
* $605.72: Strong horizontal support, aligning with the base of the channel.
Technical Indicators
* 9 EMA: The price is hovering near the EMA, suggesting indecision. A close above this could trigger bullish momentum.
* MACD: Neutral, but any crossover above the signal line would support a bullish breakout.
* Volume: Volume remains low during the consolidation phase, so watch for a spike to confirm any breakout.
Price Action Scenarios
1. Bullish Scenario:
* If SPY breaks above $609.07 with strong volume, the next targets are $610.50 and $612.00.
* Entry: Buy at the break of $609.50.
* Stop Loss: $607.00.
* Take Profit: Scale out at $610.50 and $612.00.
2. Bearish Scenario:
* If SPY breaks below $605.72, the next targets are $604.00 and $602.50.
* Entry: Sell at the break of $605.50.
* Stop Loss: $607.50.
* Take Profit: Scale out at $604.00 and $602.50.
Trading Plan
1. Scalping:
* Focus on breakouts above resistance or below support with tight stop losses.
* Monitor volume and MACD for confirmation of momentum.
2. Swing Trading:
* Buy on retests of $607.00 if the price confirms the support level.
* Short if the price breaks and retests $605.72.
Thoughts
* The current consolidation suggests a potential breakout is imminent. Pay close attention to volume and how SPY reacts to $609.07 and $605.72.
* With MACD neutral, confirmation through price action and volume is essential before entering trades.
Trade attivo
observations and projections for the rest of the trading day:Current Price Action:
SPY appears to be trending downward, forming lower highs (LH) and lower lows (LL) intraday.
A key level to watch is the intraday support at $604.61, which, if broken, could lead to further downside momentum.
Delta volume indicates selling pressure outweighing buying interest, reinforcing the bearish sentiment.
Immediate Levels to Watch:
Support Levels:
$604.61 (current low): A break here could send SPY toward $602-$600, which are significant psychological and technical levels.
Resistance Levels:
$606.50–$607: This range has multiple FVG (Fair Value Gap) rejections, acting as strong resistance. Bulls need to reclaim this level to reverse momentum.
Likely Scenarios:
Bearish Case:
If $604.61 breaks, expect further declines toward $602 or even $600, especially if selling pressure persists.
Bullish Case:
If SPY manages to hold $604.61 and rebound, a retest of $606.50–$607 could occur, but strong resistance is likely.
Consolidation near the $605 level is also possible if neither bulls nor bears gain decisive control.
End-of-Day Projection:
Given the bearish structure and lack of strong bullish catalysts intraday, SPY may close near or below the $605 level.
A close below $604.61 would confirm bearish continuation into tomorrow's session, whereas a reclaim of $607 would indicate stabilization.
Key Note: Monitor volume and price action near the $604.61 level to determine the direction of the next significant move.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.