SPY Diamond patternSpy is setting up on the 3hr chart with a diamond pattern. I am estimating a $7 move until the top line confirms. No need to jump the gun wait for the candle break and close.
SPY trade ideas
Round top Pattern
It's a clear round top pattern, signaling a potential trend reversal. This occurs when an asset's price rises gradually to a peak, then slowly declines, forming a rounded, dome-like shape on the chart. The pattern indicates weakening upward momentum and suggests a possible downward trend or sell-off. Traders often view it as bearish, particularly if the price breaks below the support level at the base of the round top.
Working To Unlock The 3-6-9 Secrets Of The MarketRecently, there have been a lot of questions related to my SPY Cycle Patterns and how they work.
I've often stated that these patterns are based on Gann, Tesla, and Fibonacci's price theory.
However, underlying all that is a core component related to the 3-6-9 (secrets of the universe) theory.
This video tries to introduce you to the concepts of the 3-6-9 theory and how it overlays with Gann, Tesla, Fibonacci, Japanese Candlesticks, and more.
My focus for the past 24+ months has been to unlock this theory's secrets and develop a practical use component (code) that attempts to provide very clear future trading/price predictions.
Spend some time watching this video. See what you think and open your mind to the concept that price moves through construction and destruction phases (likely based on the 3-6-9 concepts).
At the end of this video, I share some practical knowledge/examples showing why I believe the 3-6-9 theory is critical to unlocking the true secrets of market price action.
I may never be able to unlock all of it, but I'm dedicated to trying to unlock as much as I can within my lifetime.
This drives me to build code solutions and attempt to improve my skills.
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Eye SPY on the MoveLooking like spy is going to try to push back to 582 today, I’m keeping an eye on that level and I’m gonna look for the price action either up or down.
SPY US500bounced of the second trend support, but the main trend has been broken for the third time, this signals weakness. waiting to see if it will recover the main trend at 587 or 575 is broken, each level will signal the next direction
$SPY Analysis, Key Levels & Targets for 10.24.24Alright guys, so I'm not making a video tonight. I lost my voice; I caught a cold or something like that. But, we are opening right at the bottom of the implied move for the week, which is 578, and we also closed right at the 30-minute moving average. So, if you look at that momentum—the 30-minute moving average momentum and the one-hour moving average momentum—that does have us trading slightly up today.
We have the 35 EMA above us, and at the very top of the implied move, we have the bear gap from yesterday. The top of the implied move is at 582 and 584 for the Friday contract. Remember, we have Amazon earnings today after hours.
Underneath the one-hour moving average on the downside, the bottom of the move is 573, and 572 on Friday's contract.
SPY Ready for a Reversal? Key Levels to Watch for Oct. 24,2024Key Resistance Levels:
580.29: This level has acted as a strong resistance point. If price approaches this level tomorrow, watch for a rejection for potential short setups.
584.44 - 585.45: If SPY breaks through 580.29, this higher range will be your next resistance zone. Look for reversal patterns if SPY reaches this zone for a possible fade or continuation trades.
Key Support Levels:
578.54 - 578.56: This support area could be crucial for a bounce. If SPY shows strength at this level, it may provide opportunities for long trades targeting resistance near 580.
574.41: A breakdown below this level could trigger a larger bearish move, opening room for short setups targeting the next lower support levels.
Trendline:
The downward sloping trendline is acting as dynamic resistance. A break above this line near the 580 region could signal the start of a bullish reversal, with potential to ride the momentum up to the 584 range.
Volume and Momentum:
Recent sell-off volume suggests sellers are still in control. Keep an eye on volume tomorrow—if the selling pressure continues, watch for breakdowns below key support levels.
MACD are showing early signs of recovery from oversold conditions, which might signal a potential short-term bounce.
My Thoughts for Tomorrow’s Trading:
For scalpers, focus on the 578-580 range for quick trades. A bounce at support or a rejection at resistance should provide clean entries and exits.
For swing traders, a break above 580 could indicate a short-term bullish reversal, targeting 584-585. On the downside, a breakdown below 574 could lead to further declines.
Keep your trades tight, especially with the market volatility. Use these key levels as a guide, and watch how price reacts around them for confirmation.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Always perform your own research and manage risk appropriately. Trading involves risk, and past performance does not guarantee future results.
SPY Trading Plan 10/23ATR range for today is low of 576.82. And a high of 586.39. Exit at first target 581.01. Runner to 583.27. Set up for max loss.
SPY showing bulls returning. next target at 588 soon!strong cumulative volume delta signals buyers remain in control after this selloff. all these sell orders getting heavily bought up. I'm looking for continuation higher into end of Oct to 588 target.
After that, I'll be vigilant for another pullback to 578 zone before we go higher to 591 and onward to 605 primary weekly cycle target
Index struggles at Fibonacci resistance amid concerns.The index appears unable to break through its Fibonacci resistance, which is expected given the prolonged impulsive trend and upcoming elections, alongside rising 'no landing' fears. Earnings reports are solid, and with financials (XLF) looking strong, I'm not concerned. The financial sector often serves as a leading indicator for the broader index, so I view the current 2-3 week stagnation as normal. I still see the biggest opportunity in the AI narrative, and will look to buy during pullbacks.
A Slow & Choppy Week!This week has been soo choppy and I am tired of looking at it! Its not yet clear if we want to fall past 577 towards 574 and find support there on SPY, or if we want to continue to form a new order block and then break out to continue our bullish run.
Based on the candlesticks thus far and looking at the fair value gaps (FVGs) formed on the daily and weekly, I believe that price action has the potential to continue to drop to as low as 563 on SPY. It could take us a few weeks to get there but its possible.
We are only a few weeks away from election and officially naming our new US President! Due to the anticipation of the results, we could see fear being pumped into the market as near closer to Nov 5.
As of right now I am waiting to see what how we close this week. Trading the chop can be challenging, but also possible with the correct strategy.
SPY/QQQ Plan Your Trade For 10-23 : Gap/Breakaway PatternToday's Pattern suggests the SPY will attempt to move higher in a potential Gap/Breakaway mode.
I read this as a potential for an opening price gap (likely higher) and trending upward throughout most of today.
I will point out that I believe the QQQ will not follow this same pattern. The expectation I drew earlier with my SPY Cycle Patterns suggests the QQQ will attempt to consolidate today - possibly moving slightly downward.
This can, and often does, happen when we get a divergence between the SPY & QQQ.
Gold & Silver appear to be moving into my expected Rally phase over the next 4+ trading days. I believe Gold and Silver will attempt to rally about 2.5% to 3.5% higher before reaching a peak near 10-29~10-30.
Bitcoin is consolidating in the Phase #4 Excess Phase peak pattern - just as I suggested. Watch for support to form near 65,600 or slightly higher. I believe this congestion phase will last until after November 2-4 - be aware.
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$SPY Analysis, Key Levels & Targets for 10.23.24Alright guys, so tomorrow’s implied move is between 580 and 587, with the 35 EMA just underneath us. That’s definitely an important level to watch right away. Looking at where futures are at the moment, that level could be to the upside at open, so keep an eye on that 35 EMA. If we can get above that, our first level of resistance is 585. Aside from a quick pop to make all-time highs last week, we’ve seen 585 as a key resistance both before and after making all-time highs. If we can break above 585, the all-time high is at 612, and 587 is the top of the implied move. 588 is the top of the implied move on Thursday’s contract.
To the downside, we have 580 as the bottom of the implied move, which lines up with where we’ve seen support on both Monday and Tuesday. 578 is the bottom of the implied move for Thursday’s contract, and underneath both day’s trading ranges, we have the 30-minute 200 MA waiting to catch us if we drop. Just one more level below that, we have 579.5, another support level we saw last week. So if we do drop, I’d likely be looking at 579-578 for bull spreads.
$SPY October23, 2024AMEX:SPY October23, 2024
15 Minutes.
One of those days. Did not break 585 or 580 for any trade.
For the day we can see the LL made oscillator divergence.
Hence holding 582.5 we can expect 585-586.5 for this move.
I am looking for a trade for the move 585.5 to 589 holding 582.5.
SPY Technical Analysis for Oct. 23, 2024Trend Overview: The price action shows a descending wedge pattern. This pattern generally signals a potential bullish reversal, especially if the price breaks out from the upper resistance trendline.
Support and Resistance Levels:
Immediate resistance is around 583.63 and 585.35. If SPY pushes past these levels, 586.30 would be the next upside target.
Strong support levels are at 580.30 and 578.51. If the price falls through 580.30, it might test the lower boundary of 578.51, which could lead to further downside if broken.
Momentum: The momentum indicator shows some choppy behavior, indicating indecision in the market. Keep an eye on any shifts here for confirming any breakouts.
Volume: The volume is not unusually high, which suggests that a significant move may still require a volume increase.
Trading Strategy:
Bullish: Watch for a break above the wedge’s upper resistance with strong volume. Entry around 583.63 targeting 585.35 and 586.30.
Bearish: A failure to break 583.63 or a breakdown below 580.30 could signal downside momentum, with targets of 578.51 and potentially lower levels.
Short Disclaimer:
This analysis is for educational purposes and not financial advice. Market conditions can change rapidly, and all trades should be conducted with proper risk management. Always perform your own analysis or consult with a financial advisor.
SPY put looks like every month within the first couple of day SPY has a pull back and I'm expecting the same this November especially with the uncertainty of the election and FOMC.
Trading Plan for Tomorrow (October 23, 2024)Trading Plan for Tomorrow (October 23, 2024):
1. Bias: Neutral-to-Bullish
The overall bias is neutral-to-bullish, with the 60-minute chart showing a continuation of the upward trend, despite potential near-term weakness in momentum.
Expect some consolidation between 583 and 585, with the potential for upside breakouts if SPY manages to hold above 583.
2. Entry Strategy:
Preferred Buy Zones:
On pullbacks near 581-582, you can look for a reversal pattern on the 5-minute or 30-minute chart. A confirmed buy signal in these areas, supported by a cross-up in the MACD, will be ideal for entering a long position.
If SPY pulls back to the 578-580 range, this would offer a better risk-to-reward entry point, especially if support holds near these levels.
Breakout Buy:
If SPY closes above 585, you may consider a breakout buy, especially if confirmed by strong momentum indicators (e.g., positive MACD histogram on the 5-minute chart and strong volume).
3. Exit Strategy:
Profit-Taking:
For a long position entered around 581-582, consider taking partial profits near 585 or scaling out if resistance appears strong at this level.
If SPY breaks above 585, trail your stops to lock in gains around 586-587.
Stop-Loss:
Use a stop-loss slightly below the nearest support, around 580, if entering a long position around 581-582. This keeps the risk tight while allowing for volatility.
For more aggressive entries, like breakouts above 585, place stops near 583 to protect against false breakouts.
4. Indicators to Watch:
MACD Crossovers on the 5-minute and 30-minute charts will provide timely buy/sell signals, especially for short-term entries.
Volume and Volatility: If volume increases on a breakout above 585, it will confirm a bullish continuation.
RSI: Watch for divergences on the 5-minute chart. If the RSI dips into oversold levels (below 30), it could signal a strong rebound opportunity.
Conclusion:
The strategy for tomorrow should focus on watching key levels: 583 (current price action), 585 (resistance), and 580 (support).
Positioning should favor the upside unless key support levels break, but be prepared for volatility around these levels.
Use the 5-minute chart for refined entry and exit points, while the 30-minute and 60-minute charts guide the overall trend and momentum.
Daily Recap - Will the Market Ever Go Down?A recap of today's action and opportunities I saw. I posted several ideas earlier and a lot of them have already triggered and worked so that's nice. It's been fairly easy to just buy dips lately because VX stalls every chance it gets, but I believe things are going to get a lot more dangerous soon.
I have been speculating about a big market crash for a few months, but as I've noted, we just haven't had the VX strength for a significant move down that lasts. That is beginning to change now. ES and NQ are near all time highs, meanwhile VX is nowhere near the all time low. VX was completely crushed this summer and spent most of it making new all time lows. Now it has become extremely elevated relative to ES in my opinion and it has lasted for weeks, but has been kept in check so far.
VIX is near 18 and has routinely traded near and above $20 while SPY is sitting near ATH. That is extremely unusual and should cause everyone to throw some caution flags up. That being said, this is why VX is so important to me here at 18.40. If it can't hold, it will likely go back in decay mode like this summer and then I'd be more optimistic for equities. VX has a long way to fall at the moment, but it hasn't yet.
In addition to elevated VX and VIX, we have interest rates and DXY soaring along with gold and silver. There could not be a bigger warning signal than what we are seeing right now with interest rates spiking straight up after a 50bps cut. Not to mention global tensions, bank failures, and whatever else might happen for a catalyst. It's coming and couldn't be more obvious. It may not happen until after the election, but it will be swift.
SPY/QQQ Plan Your Trade EOD Update : Rally ContinuationThis quick update related to my SPY/GOLD cycle patterns, and other research/predictions, is to help you plan and prepare for the pending rally phase in the markets.
Based on my research, the markets will likely pause a bit tomorrow, Wednesday, and move into a basing/bottoming phase - where price will attempt to develop support.
From that support, I see a fairly strong rally taking place on Thursday and lasting into late- Monday/mid-Tuesday next week.
As I have urged traders to stay cautious over the next 15+ days (elections and liquidity issues), this may be a great time to play the last rally phase before the 3-5 day pullback just before the US elections.
Watch this video. Follow my research.
If you are new to what I'm doing, then watch my Plan Your Trade videos for a week or two. See if you like my style of analysis and if it helps you improve your trading.
My objective is to help as many traders as possible. I'm not 100% accurate in my predictions - but I believe my research is uncomparable to others in what I'm capable of presenting/sharing with all of you.
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Short Term Bullish Options PlayI believe this chart represents a short term spike to the upside within the channel this week.
Positions:
$3000 of SPY $584 Call expiring this Friday
Top 5 Weekly Trade Ideas #3 - SPY Falling WedgeNice falling wedge/bull flag here on the 15m. Price is currently near the middle of the recent range from about $577 to $585. We have short term support below near 580 and the wedge trendline.
Watching for a wedge breakout to head back up to ATH again or for a failure below $580 for a short back to the $577 and potentially $575ish area.
Reaching possible top before election?
The RSI Cyclic, which has accurately indicated previous pullbacks, is now signaling the start of another. The 579 level remains solid support, but if it breaks, the uptrend may be over for now, and a deeper pullback could follow.
Over the past two years, SPY hasn’t experienced a 10% pullback, and it's uncertain if it will this time. However, current conditions seem to support the possibility of a 10% decline:
Geopolitical tensions between Israel and Iran are at an all-time high.
The U.S. election is becoming a tight race, raising uncertainty, especially if the Democrats win, as Trump is unlikely to concede quietly.
Although the economy shows strength, inflation continues to affect middle and lower-income households.
A spike in oil prices could reignite inflation.
China might take advantage of this global distraction to act on Taiwan, though this is highly speculative.
On top of this Gold is going higher, why ? Strange time a head
SPY/QQQ Plan Your trade For 10-22: Gap Reversal In Counter-TrendToday's Gap Reversal in Counter Trend mode should resolve as a moderate downward early price trend - possibly transitioning into a base/bottom and turning higher near the end of the trading day today.
Looking at the charts, it appears price is actually leading my SPY Cycle Patterns by about 12+ hours right now. Why?? I don't actually know why - but it appears price is anticipating the cycle patterns a bit early.
Given the heightened sense of concern related to the elections, price may be rolling through stages of liquidity and volatility with only about 15 days to go before the elections.
Either way, as I suggested, this week is going to be tough to trade with the markets moving into a pause phase ahead of the elections. Most traders are trying to position assets away from the markets or are planning on riding things out past the elections right now.
I continue to suggest traders scale back allocation levels this week and next because of the issues related to liquidity in the markets.
Look for the SPY/QQQ to attempt to find a base and try to melt upward near the end of trading today.
Gold & Silver should stay rather muted today.
Bitcoin is consolidating - just as I suggested.
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