$SPY Tomorrow's Trading Range in SPY 9.6.24 All right, guys, tomorrow we have the unemployment rate in premarket, as well as the hourly wages report. As of now, we're right in the gap that opened when the consumer spending data was released last month, sitting at the 50-day moving average . Momentum from premarket reports will be huge.
Directly above us, we have the 35 EMA, which has been resistance for the entire week—that's the red line just above where we opened. If we get above that, the first level of resistance is around 554, which we've tested twice earlier this week. The top of the implied move is at 556, with Monday's contract at 558, and at the very top of the implied move for the next two days, we have the 30-minute 200 average. We’re on this timeframe, so consider that as a key resistance point.
At the very top, completely above our trading range for tomorrow, is the gap we started the week with, which pushed us away from all-time highs. To the downside, we have the one-hour 200 moving average, which we bounced on today. Beneath that lies the rest of the consumer spending gap. The bottom of the implied move for tomorrow is 543, and for Monday’s contract, it's 541. Underneath all of that, we have the four-hour moving average.
Let me know how you plan on playing this. Good luck, and see you guys on Sunday night.
