Quick updates tonight.
SPY had the most bullish day we've seen in weeks continuing with what we saw into close yesterday, and bulls are excited to have finally changed the hourly trend to an uptrend. The daily chart is an inside bar. First thing tomorrow bulls want to break the high of yesterday to break the inside bar bullish.
Inside bar levels
Support: 263.12
Resistance: 268.12
Changing that hourly trend was step 1. With either a bull break or a bear break we will remain inside of our 4hr equilibrium so while the IB break will give momentum, the real break I'm waiting for is this current pattern I've annotated.
Key Levels for me heading into tomorrow:
S: 259.86
R: 270.25
Breaking our key resistance will get the daily bounce underway; breaking our key support will have us searching for a lower low on the daily chart.
_____
For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
SPY had the most bullish day we've seen in weeks continuing with what we saw into close yesterday, and bulls are excited to have finally changed the hourly trend to an uptrend. The daily chart is an inside bar. First thing tomorrow bulls want to break the high of yesterday to break the inside bar bullish.
Inside bar levels
Support: 263.12
Resistance: 268.12
Changing that hourly trend was step 1. With either a bull break or a bear break we will remain inside of our 4hr equilibrium so while the IB break will give momentum, the real break I'm waiting for is this current pattern I've annotated.
Key Levels for me heading into tomorrow:
S: 259.86
R: 270.25
Breaking our key resistance will get the daily bounce underway; breaking our key support will have us searching for a lower low on the daily chart.
_____
For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.