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SPY trade ideas

Mag 7 Drags Down Large Cap - Potential Index Wedge FormationsThanks for checking out the video today. It was a reasonably nice selloff today, led mostly by the Mag 7 stocks. All US Indexes were in red, Nasdaq taking the worst of it around -1.60% lower. Powell on tap for Friday with Day 2 at Jackson Hole. The market is oh so curious if the FED will cut 25 or 50 bps in September and we have plenty of news to digest prior to the official September 18 FOMC Meeting and Press Conference. If Friday Aug 23's trading day pushes lower and helps balance out the aggressive bull moves from August 5's bottom, we could see a nice wedge pattern in the works - lower highs / higher lows. Watch the S&P Daily 200 SMA or 200 EMA for some dynamic support. It will be interesting to see if the bulls and bears both get what they want with prices on the move through September with volatility returning to elevated levels > 20 perhaps. Thanks for watching!!!
AMEX:SPY
by ChrisPulver
$SPY BULL/BEARAs you can see, the yen carry trade resulted in a huge drop breaking the AMEX:SPY out of the channel it was trading in. AMEX:SPY then recovered exponentially fast and brought price back into the prior channel. IF bulls can pump this tomorrow we could potentially be seeing our way to new highs. If bears pull this back out of this channel we could be entering a down trend with a double top being established on the daily time frame. If bulls win, I will be targeting $575 and if bears win I will be targeting $540 as my first PT. Best of luck, Not trading advice but will upublish my trade once it is open.
AMEX:SPY
by TheTAguy112
Job revisions and tomorrow expectationsLots of short seller were hoping for a much more negative reaction to jobs revisions. While the revision is large, it ultimately doesn't derail expectations much. More likely, smart money will use the opportunity to squeeze short sellers into a pop upwards tomorrow and break through the current resistance level on indices. Keep an eye on overnight behavior, it'll give us a strong indication on where the indices will be headed. Ideally, once indices breaks thru resistance, it can take a small breather again and consolidate sideways, before moving upward more.
AMEX:SPYLong
by KJKaramay
August 24, 2024 ES/SPY Analysis UpdateToday we did a lot of chopping. There is liquidity left to be grabbed (above) on SPY, from the 2HR perspective, at 564. Keep in mind we are nearing a strong resistance level at 565. ES has a daily FVG close at 5672, with a weekly candle body top at 5681 (major resistance level). Of course we are not going to neglect the support side. ES has a daily support FVG at 5607 (SPY 557). But SPY chart shows a wick penetrating the 555 price level, which would indicate potential bull rise to close the SPY gap before pulling back down to retest the 560 price level again at a different time.
AMEX:SPY
by RandiMichelle
SPY/QQQ Plan Your Trade Update 8-21 : Markets Top & StallAs I suggested in Monday's video, the SPY Cycle Patterns predicted today's TOP more than six months ago. Tomorrow's inside/harami pattern suggests the markets will stall out the rest of this week. I urged traders to prepare to wait out this week and sit on the sidelines. When the markets stall like this, it is best to avoid trying to trade in tight ranges. Wait it out and maybe pick out a few great swing trades for next week's rally phase. This update shows you why Bitcoin, Gold, and the SPY/QQQ will continue to stall and stay in a sideways 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
Preparing For A Potential Double-Top HereTraders, As you all know, the SPY has been moving EXACTLY as anticipated by me the last two years. And that worries me. Don't get me wrong, I have thoroughly enjoy the profits that have come with getting it right, but what we have to be careful about when doing so well is over-confidence. Because if we don't take a couple of steps back and say to ourselves, "I could get it wrong this time", then we could likely get it wrong. The market loves to humble cocky traders. And that is why I have sold half of my longs once again ...just in case I could be wrong. So, you can all read my previous posts and calls on the SPY, but for new readers, let me just catch you up with a brief summary to give you some context. About 2 years ago, after the market had dropped and many investors thought it would continue down, I came under the persuasion that it would soon reverse. Though, I am a rookie when it comes to Elliot Wave, I had noticed some other contrarian traders and chartists had begun to explain from a fundamental basis why it would move up soon. These same investors began plotting a likely blow-off top scenario based on fundamentals, market psychology, and Elliot Wave theory. It made sense to me but I was hesitant to go full in based on this information alone. I began reading more about market fundamentals and psychology and learned that most of what I read actually supported the idea of a blow-off top. Then I spotted another pattern on the daily chart (an inverse head and shoulders pattern) which strengthened the theory even more. This pattern gave me my SPY target of 570. You can still see that Previous Target outlined here on my chart. We nearly reached that target. Missed it by a few dollars. It was there that I sold half. And right on time. The Japanese carry trade flash crashed the markets and down we went. As we were nearing the 200 DMA, I spotted a new bullish pattern on the weekly chart. This was a Cup and Handle. I bought back in near the bottom recognizing that this blow-off top was probably not at an end ...yet. Fast forward to today. We are once again nearing my Previous Target of SPY 570 and though we could move even higher (and I honestly believe we will), I want to prepare for a scenario where I could be wrong. You can see from the chart here that we may also be forming a bearish double-top or M-Pattern. If this is the case, it is wise for me to prepare for another drop soon. Thus, I have once again, sold half. Should the M-Pattern play out, I will likely buy back in around the 200 DMA (wherever this happens to be at the time) because I still believe that Cup and Handle pattern on the 2-week chart will play out and that the blow-off top will not end until we reach 650-700 on the SPY. Obviously, this forcast could change based upon significant geo-political/global events. But for now, this is how I see it going. Scenario 2: If we do not drop and that M-Pattern becomes invalidated. I will also buy back in should we exceed my previous target on the chart. In either case, updates will follow.
AMEX:SPY
by stewdamus
8/21 SPY ATR and LevelsATR For SPY is now creeping up to 7.42, nice and juicey range. Fear and Greed on the lower end of Neutral at 45. Jackhole minutes and pending discussion on rate cuts are being spread around like MPOX, .50 or .25, will there be one at all? Geopolitical atmosphere is hearing up, Xi is in Moscow. Putin is Puntin and Star Wars Outlaws gets released next week. Observing 2 gaps on the downside that is a hole that needs filled everntually, if we dont get the news the market is expecting we could visit 548-544 to fill and even further below at 536-533 thas a crazy range, and not thinking it will happen anytime soon, but we got those there. however we did hit a low of 530 LAST WEEK. For the ranges above the 559.84 8:45 am Close range I have SCALP SR2 562.73 (this is a level of interest) If we can get 1 hour of volume to exceed 4.5 million, I think we go higher into Standard pop level (563.55) SR1 561.77 (this is a level of interest) I see we need volume over 6.1 million on the 1 hour to go into SR2 of the scalp SPOP 560.80 (1 hour average volume I se is above 3.5 million) R2 569.49 R1 565.78 POP 563.55 If we cant get to or exceed those volumes on the 1 hour range, the below scalp levels from the 8:45 range are: SBREAK 558.88 (1 hour 5.2million to push past, I think if we hit this price level and not exceeding 5.2 million on the 1 hour we could see SS1) SS1 557.91 (1 hour 4.3million to push back to SBREAK, I think if we hit this price level and not exceeding 4.3million on the 1 hour we could see SS2) SS2 556.95 (1 hour 4.9million to push past, I think if we hit this price level and not exceeding 4.9million on the 1 hour we could see the Standard levels) BREAK 556.17 (1 hour 4.9 million) S1 553.24 (1 hour 6.9m) S2 551.28 (1 hour 6.4m)
AMEX:SPY
by TuskenDayTrade
1
SPY/QQQ Plan Your Trade For 8-21 : Top Pattern Today.I expect the SPY to move into a moderate bullish price phase, attempting to peak somewhere below 561-563, then roll into a moderate downward price trend - possibly ending the day near 553-556. Why do I expect the SPY to roll to the downside after peaking today? My SPY Cycle Pattern shows a TOP pattern today. Top patterns usually start with a moderate uptrend, leading to a peak in price, followed by a moderately sustained pullback/downtrend. The 553-556 level is the nearest moderate support level. The 561-563 level is just above yesterday's high and well into the SPY upper GAP window, which will likely act as resistance. Buckle up because we are moving into at least 2~3 days of trending sideways before transitioning back into the rally phase. Gold may attempt to move above $2570 today. Bitcoin needs to find support, otherwise a breakdown in price in likely over the next 3+ days. It should be fun to see how things play out this week.
AMEX:SPYLong
by BradMatheny