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SPY trade ideas

Opening (IRA): SPY August 30th 486 Covered Call... for a 481.76 debit. Comments: Re-upping in SPY in slightly longer duration, but with the short call at about the same delta as the one I took off, resulting in a lower buying power effect and break even with the primary goal being to milk a little more out of August before moving onto Sept. Again, un-sexy metrics as a standalone trade: Buying Power Effect/Break Even: 481.76 Max Profit: 4.24 ROC at Max: .880% 50% Max: 2.12 ROC at 50% Max: .440%
AMEX:SPYLong
by NaughtyPines
SPY Before the Long Weekend. 8/30/24Chart Overview: Time Frame: 1-hour chart Indicators: Price levels, trendlines, and RSI (Relative Strength Index) Key Levels: Resistance Levels: 563.91: This appears to be a key resistance level that SPY has tested multiple times without breaking above. 563.64: Close to the previous resistance, this area seems to be another strong resistance zone. Support Levels: 562.19: This level is currently providing support, as shown by the recent price action bouncing off this zone. 557.24 - 558.00: This zone represents a stronger support area, with multiple touches indicating a solid foundation. 553.47 - 553.41: The lowest support zone on the chart, a critical level for the bulls to hold. Trendlines: Ascending Trendline: There is an upward trendline starting from the lows, indicating a bullish trend. The price is currently respecting this trendline, which is crucial for the continuation of the uptrend. Wedge Formation: The price action is forming a wedge, with the upper boundary at the resistance level and the lower boundary along the ascending trendline. Wedge formations usually indicate potential breakout scenarios, either to the upside or downside. Possible Scenarios: Bullish Scenario: If the price breaks above the resistance at 563.91, we could see a continuation towards the next resistance level, potentially around 570.00 (as indicated by the upper trendline). The ascending trendline support should hold for this scenario to play out. If the price continues to respect this line, it’s a strong sign of bullish momentum. Bearish Scenario: If the price fails to break above the resistance and falls below the ascending trendline, it could lead to a decline towards the support zone at 557.24 - 558.00. A break below this support zone could lead to further downside, targeting the 553.47 - 553.41 area. RSI Analysis: The RSI is hovering around the middle range, not indicating an overbought or oversold condition. This neutral position means that the market could swing either way, depending on how the price interacts with the key levels mentioned above. Strategy: For Bulls: Watch for a breakout above 563.91 with increased volume to confirm the move. Consider entering on the breakout and setting a stop loss just below the ascending trendline. For Bears: If the price breaks below the ascending trendline, look for short opportunities with a target around 557.24 - 558.00. A break below this support could provide more downside. This setup requires careful monitoring of the key levels and price action to determine the next significant move.
AMEX:SPY
by BullBearInsights
Fed’s Preferred Inflation Indicator TomorrowTomorrow’s macroeconomic calendar is set for a major event! 📊 At 8:30 AM Eastern Time, we’ll see the release of the Fed’s preferred inflation indicator: the Personal Consumption Expenditures (PCE) price index. The implied move for PCE is +/- 35 points, with the estimated month-over-month core PCE at 0.2%. 📈 Stay tuned for market reactions and how it could impact the broader indices! SP:SPX AMEX:SPY NASDAQ:QQQ #Finance #Investing #MarketWatch #EconomicData #Inflation #PCE #Fed #StockMarket #FinancialNews
AMEX:SPYLong
by AlgoTradeAlert
SPY/QQQ Plan Your Trade For 8-29 - Breakaway in Carryover ModeToday's pattern should play out as a reversion to yesterday's selling pressure. I did not expect to see the markets sell downward as hard as they did yesterday, but my systems were able to catch the downward trend well. As a trader and a researcher, I try to base my expectations on what I believe to be the highest probable outcome. Yet, sometimes I'm wrong. I've mentioned this before, and I'll probably say it again and again... Traders must be capable of adapting to the charts. Play what is in front of you. My SPY Cycle Patterns offer assistance in what may happen based on Fibonacci/Gann price characteristics. Yet, news items (or positioning ahead of NVDA earnings) can drive market trends in unique directions. We must understand that big news events/earnings/data can alter price trends away from the SPY Cycle Pattern triggers, and we have to be able to play the chart in front of us. So we adapt to what the chart is telling us - always. Remember, Fibonacci Price Theory was very clear yesterday after the first breakdown in price - this trend is BEARISH. Watch this video. Gold is getting ready to make a move up to 2593+ and Silver wants to follow up to about $31. But Silver will lag Gold a bit - so position yourself correctly. Bitcoin will stay range-bound over the next 5-7+ trading days - trying to run out time on the Flag Apex. Then, it should make a bigger move to the upside. Get some. #trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
AMEX:SPYLong
by BradMatheny
SPY 2-Hour Chart Analysis - August 28, 2024Double Trouble is the name of the game here, and it’s no joke. As you can see SPY just dipped below a critical support level, and things could get tricky if buyers don’t step in soon. What’s Happening? SPY has been bouncing around within a tight range for the past few days, but today’s action saw it break below the 554.93 support level (highlighted by the yellow dashed line). This level has been key in holding the price up, and now that it’s breached, we could be in for a rough ride. Why Double Trouble? Here I am referring to the fact that SPY is now stuck between two crucial zones: the broken support around 554.93 and the next significant support level down near 551.00. If the price falls to this lower support, we could see even more downward pressure, potentially leading to a deeper sell-off. Key Levels to Watch: Resistance: Look for potential resistance to form around the 554.93 level now that it’s broken. If SPY can reclaim this level, it might signal a reversal, but if not, the bears could stay in control. Support: The next big support is down near 551.00. If SPY continues to fall, this is the level that needs to hold to prevent further losses. What’s Next? We’re at a pivotal point. A break back above 554.93 could give bulls a lifeline, but if SPY continues to slide, the 551.00 level will be the last line of support before more significant downside risk comes into play. Stay cautious and keep an eye on these critical levels as we head into the next trading sessions. I am starting to believe that market is in a delicate position, and how it reacts here will set the tone for the days to come.
AMEX:SPYShort
by Deno_Trading
2
SPY/QQQ Plan Your Trade 8-27 - Inside Breakaway PatternThe SPY continues to slide into a sideways melt-up type of trend. Today's Inside Breakaway pattern suggests the SPY will attempt to move away from this consolidation range. Although I don't expect a huge breakaway today, I do expect the SPY to attempt to move up into the 563+ area, setting up for a bigger move on Thursday and a pullback on Friday. Gold is pulling back reasonably hard. The 2530-2535 level would be an excellent area to consider buying or adding to any open position. The 2510-2515 level is the Make-Or-Break level for Gold (that would also be our stop level). I still believe Gold will make another move higher - but I don't think Gold will build enough momentum to rally out of the current range until next week. Bitcoin has pulled back into the APEX range (see the chart). We need to see it hold up near this Apex range - or it could risk falling below $57k again. Overall, I see all of these charts (SPY/QQQ/Gold/Bitcoin) stalling and attempting to base ahead of next week. Next week, I believe prices will be more volatile and try to trend upward. As I've been warning, this week, the markets needed to pause a bit. Now is the perfect time to position yourself for the next big move. Get some. #trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
AMEX:SPYLong
by BradMatheny
$SPY August 28, 2024AMEX:SPY August 28, 2024 15 Minutes Yesterday AMEX:SPY managed to hold 558 levels even though it opened gap down. Today for the rise 558.32 to 562.05 holding 560 levels uptrend will continue. I will go long above 562.5 levels for 564 to 565 as target for today. A good close could take us to 567 this week if 558 is held. The lower levels are still intact between 553 to 558 levels with 556 as a good support. Once 553 is broken then we can see a possible $8 to $10 retracement. So, I will wait to short till 553 is broken.
AMEX:SPYLong
by RiderTrader
SPY: The Main Turning Points - H & D Charts.1-Hour Chart (Left Side) On the 1-hour chart, SPY is showing a consolidation phase within a narrow range between $563.17 and $554.86. The price is moving above a rising trendline, which has acted as a support level, indicating that the market is still trying to maintain its bullish bias. The 21-hour EMA is also trending upwards, further supporting the bullish sentiment. However, the price is nearing the resistance level at $563.17, which has been tested multiple times without a decisive breakout. If the price manages to break above this resistance, it could signal a continuation of the upward move and we'll probably see a new ATH next. However, failure to break this level might lead to a pullback, potentially retesting the trendline or the lower support at $554.86. Daily Chart (Right Side) The daily chart provides a broader view, showing that SPY has been in a steady uptrend, with the price consistently staying above the 21-day EMA. The recent price action shows a test of the $565.16 resistance level, which is the ATH, and it aligns with the upper boundary of the current consolidation range on the 1-hour chart. The key support level on the daily chart is around $554.86, which is consistent with the support identified on the 1-hour chart. Here we see why: It was a previous top level, and now it is acting as a support - an example of the Principle of Polarity. A break below this level could indicate a more significant pullback, potentially targeting lower levels, like the 21-day EMA. Key Levels to Watch Resistance: $563.17 (1-hour chart), $565.16 (daily chart). Support: $554.86 (both 1-hour and daily charts). Summary SPY is currently consolidating within a tight range, with the potential for either a breakout above $563.17 to continue the bullish trend or a pullback towards the $554.86 support level. The overall trend remains bullish, as indicated by the rising EMA on both the 1-hour and daily charts. For now, should monitor the breakout or breakdown of this consolidation range to gauge the next significant move. NVDA's earnings will play a big role in the next move, so this week will be interesting. For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions. Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation. “To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore All the best, Nathan.
AMEX:SPY
by Nathan_The_Finance_Hydra
SPY/QQQ Plan Your Trade 8-27 Update : Possible Long Squeeze EODToday's SPY Cycle Pattern should reflect a decidedly bearish overtone to price action. The fact that we opened with a GAP downward and have waffled around just above yesterday's closing price does not really excite me. I see price failing and waffling around in "no man's land". This video covers the SPY, Bitcoin, & Gold. Stay agile. I see the markets rolling downward into the end of the day today - but I could be wrong. Get some. #trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
AMEX:SPYLong
by BradMatheny
1
$SPY August 27, 2024AMEX:SPY August 27, 2024 15 Minutes. Yesterday AMEX:SPY had a gap up 563.91 and could not sustain. So, for the day considering the last rise 554.98 to 563.91 holding 558 is important. If that is broken 200 averages in 15 minutes is broken and AMEX:SPY in weak in this time frame. Once 558 is broken and close near low of bar we will take the last rise from 518.05 to 563.91. This has 23.8% retracement at 553 levels. So, we can expect some volatility in 15 minutes as long it is below 200 averages.
AMEX:SPYShort
by RiderTrader
SPY/QQQ Plan Your Trade For 8-27: Close-1 GAP Trend PatternToday's pattern suggests the GAP Trend portion reflects whether today's open is above or below yesterday's close. If today's open is above yesterday's close, then I would expect a higher opening GAP leading to a fairly strong rally phase today. If today's open is below yesterday's close, then I would expect a lower opening GAP leading to a fairly strong selling phase today. These types of patterns do not often reflect a reversal bar - although reversals can happen. Overall, I believe the bias is still to the upside. But I also believe price is consolidating in early trading this week and needs to continue to consolidate before attempting to rally again later this week (Thursday/Friday maybe). So, I would not be surprised to see price stall out a bit today. Let's see what happens. We may see a bit of a rally or sell-off depending on where today's opening price is and if we see any substantial Opening GAP. The bigger the GAP, the more likely we are going to see price trend. Get some. #trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
AMEX:SPYLong
by BradMatheny