SPY 3/4/22 Daily Analysis and Recap via /r/wallstreetbets #stocks #wallstreetbets #investing

Going into this mornings pre-market I mentioned that we really did not have enough information available to get a great grasp on where we were headed long term. Despite today very much so being a sideways range day I think we do have a little idea of where we are headed now.

I mentioned a key support Bulls couldn’t lose was 427.8 this morning during pre-market and that support held very strong this morning.

Bears really needed to keep SPY below the Daily 8 EMA of 434.8 to stay in bear territory.

Todays Range was 433.4 to 427.8 with a finish at 432.17 for -0.8%.

https://preview.redd.it/q9bsh6a6vfl81.png?width=1540&format=png&auto=webp&s=6f5fc090893e06c849fea4f4585a99cd2530285f

A couple major notes for this 15 minute chart I presented this morning. Around 1pm we managed to poke through that downward resistance like to negate the channel completely. However, we failed to break through 433.4 and the very important resistance that I mentioned would be a big battle at 433.8.

Yesterdays after hours had us at a low of 427.8 which we managed to retest and hold as support today.

We now have two very clear lines in the sand of bull territory vs. bear territory.

Going into after hours tonight and Futures on Sunday… SPY needs to break and hold 433.8 in order to see upward bull momentum and SPY needs to break and hold below 427.8 in order to see a continued bearish sell off.

Overall there is not really enough information until one of those two key levels breaks and holds to go long (hold over night) on any positions right now.

https://preview.redd.it/2cdhtof5vfl81.png?width=1540&format=png&auto=webp&s=1c2eee2f72a0d9ee2435e239c023ea16b46f144d

If you take a look at the futures chart it does give in my opinion a slightly better picture of the overall trend that has been taking place since Yesterday morning. Overall it is making consistently for two days now lower highs and lower lows which is a bearish movements.

For those who watch futures

Support- 4304.7  4293.5  4283 (last support before major sell off)

Resistance- 4327.5  4338.5 (last resistance before breakout)

Now arguably my favorite chart to look at daily at night time to help piece together a better sense of direction.

https://preview.redd.it/egazjko4vfl81.png?width=1540&format=png&auto=webp&s=af3bf883b2b1780db94bf8808ac1abfa2b309901

I mentioned last night that I believed the 8 ema (which was support) and the 200 ema (which was resistance) was going to be our guidance of where this market was going to head next week depending on where todays candle finished.

While there is a very miniscule gap I can see on the daily chart from 433.3 to 433.9 I do not think this is one that will need to be filled as on the actual 15 minute and other timeframe chart we do not see this gap.

We now have a candled fully closed below the 8 ema and 200 ema again which Monday will confirm but to me shows favor to a bearish week ahead next. However, if bulls can get this candle Monday back above the 8 ema and 200 ema we may see the upwards momentum continue.

In addition for more bearish indication it is noted the 20 ema is now completely below the 200 ema and continuing to dip further below. The daily candle (which im sure someone else will inform me its something different) is more or less a doji candle too which can be a reversal indicator but in simplest of terms is just a indecision candle.

Key levels to watch.

Support- 427.1 (the low from March 1st)  421.4 ( the low from Feb 23 and the mid point of the grey channel)

Resistance- 434.3 (8 ema) 437 (resistance line from the high of feb 10th and Mar 3rd)  438.34 (20 ema)  439.23 (200 ema)  445 (upper resistance of the channel)

Since I will not be posted a pre-market on Monday here are the levels

0.5%= 434.3

1= 436.5

1.5%= 438.7

2%= 440.8

-0.5%= 430

-1%= 427.8

-1.5%= 425.7

-2%= 423.5

10% challenge-

How did you guys do? I didn’t really trade much this week because of traveling back for work and sleeping for night shift. However, Saturday night is my last night shift and after I travel home Monday this and the discord will be my full time job. I look forward to being able to get back to this 10% challenge as I hadn’t really traded much this week due to my schedule and pretty much power hour being my only time to trade and we all know how unpredictable this has been during power hour.

Submitted March 04, 2022 at 10:56PM by DaddyDersch
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