Let see if SPY bulish tomorrow June 3 (?).

Disclaimer: This is for study purposes only and does not constitute financial advice. You are responsible for your own trading risks.

Observations:

Volume Profile:

Point of Control (POC): Near $522.
Value Area High (VAH): Around $528.15.
Value Area Low (VAL): Approximately $518.36.

Trend Analysis:

There was a significant downtrend followed by a strong upward breakout from a falling wedge pattern, indicating a potential reversal.
Support and Resistance Levels:

Immediate Support: Near the POC around $522.
Immediate Resistance: Near the VAH at $528.15.
Further Resistance: Around $530.50.
Moving Average Convergence Divergence (MACD):

The MACD lines are below the histogram, showing a recent bullish crossover, which typically suggests upward momentum.
Trading Suggestion for Tomorrow:
Given the strong breakout from the falling wedge and the bullish momentum:

Bias: Bullish

Bullish Scenario:


Entry Point: Look for entries around $525, if it pulls back towards the support level or continues the upward momentum.

Target Levels:
Short-term Target: $528.15 (VAH).

Next Target: $530.50.
Stop Loss: Place a stop loss below $522 (POC), to limit downside risk if the breakout fails.

Bearish Scenario:

Entry Point: If there is a rejection at $528.15, consider short positions.
Target Levels:
Short-term Target: $522 (POC).
Next Target: $518.36 (VAL).
Stop Loss: Place a stop loss above $530.50, to manage risk if the resistance breaks.

Conclusion:
The chart shows a bullish breakout with significant volume, indicating a strong potential for upward movement. Trading in the direction of this breakout while monitoring key levels (support at $522 and resistance at $528.15 and $530.50) can be a prudent approach. Adjust stops and targets based on intraday price action and market sentiment.