3/22/22 SPY Daily TA via /r/wallstreetbets #stocks #wallstreetbets #investing

3-22-22 SPY Daily TA

Well the bull run and the extremely low volume continues. We clocked another impressively low volume day at 75million total volume 28 million below the 10 day average of 103million. This is the lowest volume day since January 12th which saw only 67 million total.

I mentioned this morning that I really don’t care exactly what SPY does if its up or down as long as the markets provide a good intraday trend that we can trade. Today that markets provided just that. We did get the slightly unexpected 2nd sell off around 2pm though and we did finish on quite a long wicked candle which was partially unexpected as we should have saw this run up today.


Intraday we saw a massive fight from 11am until 345pm for SPY to finally close a candle above 449.5. That resistance was impressive and strong. After hours did briefly break below it but overall it closed back above that 449.5 and I will look to that to be a key support to watch over night and tomorrow if bulls can open this green again. 448 held as a key support bears couldn’t get spy below on both dips today today. If bears can get spy to close a candle below 448 we should see a retest of 445 area.

Now the daily chart is one that I am sincerely struggling with attempting to locate wtf our current trend is. After quite a long time looking at candle and supports/ resistance lines this is the best guess I could come up with. And even this is not very good nor do I believe my own channel but we will adjust daily till we see a clear trend.


The grey channel is the current bull run we are on that has taken us now from a low on March 14th of 415.79 to an intraday high today of 450.58. That is 8.3% of upward bull movement in about a week. That is beyond impressive to be honest. This channel allows SPY tomorrow to run as high as around 454 if we are to obey the upper resistance of the channel or a low of 434 (which would be about 3.5% red day which i doubt will happen but isn’t impossible).

The red channel is the sideways channel. This channel took quite a bit of thought and critiquing but in the end I decided to ignore the massive Feb 24th candle which if you remember was the “start” of the Ukraine war. Due to this candle being “different” and really out of the normal trend I decided to ignore it for now. Instead I used the low of March 8th and the high of Feb 2nd for this channel. That gives us a sideways channel with an upper limit of 458 and a lower support of 416. And a mid channel support near 437 tomorrow.

The numbers to really pay attention to on the daily though is the EMAs. We closed a candle completely above the 100 ema today of 445.17 which is a very bullish turn of events considering we were well below the 100 and 20 ema last week. Bulls have to keep SPY above the 445.17 100 EMA this week in order to keep the bull run on. Another key movement is seeing the daily 8 ema now crossed completely above the 20 ema and crossing over the 200 ema today. This is the first time ive seen the 8 ema ABOVE the 20 ema since January 12th.

Overall everything really does point to a more bullish out look then we have seen since December. Even the recovery in January was not nearly as bullish nor strong as this one has been. While I still expect their to be some wild bear sell off soon We are on a path to at least 460 first.

The one thing we all need to be careful on before we get too excited or we go to long to fast is the fact that this volume is abnormally low. Someone on my server posted today that volume was 60% retail and 40% MM today (it might have been 80/20 I cant remember now actually). That is a scary thing because that tells me that this bullrun is fueled by retails hopes and dreams and whenever the MM finally step back in with volume it very well may see an epic rug pull like we did back in January.

10% challenge-

Overall today was a great day. I made 3 trades. 3 were green (30%, 8%, and 5% and one small -5%. I beat my goal by a good margin and was able to make a few good call outs for members to be able to capitalize on today.

I made the announcement today but April 2nd the server goes to paid only. The first 100 members to subscribe for 12 months for the tier 2 will be placed in a drawing for one random member to receive their 12 months for free! ( I will pick amongst the members are random and will venmo back your 12 month fee). I am considering doing this at 150 and 200 members also depending on how things go!

Dont forget to DM if youd like to stay in touch and keep receiving these daily and pre market posts after April 2nd!

I will see you guys tomorrow for pre market!

Submitted March 23, 2022 at 02:13AM by DaddyDersch
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