SPY scalping insights for today's session (September 20, 2024)
Technical Analysis Overview:
SPY opened with a gap down, reflecting a bearish sentiment following the FOMC. This can indicate volatility at the open as traders digest the implications.
Volume Profile: The visible volume profile shows significant activity around the $565.92 and $568 levels, with a large volume concentration in the $561.38–$560.83 range. This suggests strong support at the $560–$562 range.
Resistance Levels: Immediate resistance around $568.60 (currently price hovering here), followed by $570–$572.88 (marked by the upper volume nodes). Expect profit-taking around these levels.
Moving Averages: The moving averages (20 EMA, 50 EMA) indicate price is hovering below both short-term averages, reinforcing near-term bearish momentum.
Stochastic Indicator: The stochastic is showing an oversold condition with a possible bullish crossover, suggesting that there could be a short-term recovery or bounce at the open.
Price Action & Key Levels:
Immediate Resistance: Around $568.60–$569, where sellers are likely to take profits.
Support Zone: Strong support lies at $565.92. Below this, expect price to test $561.38.
Potential Gap Fill Target: If there’s bullish momentum, the gap to $572.88 (upper resistance) can be tested, but the move should be confirmed with volume and momentum.
Scalping Entry/Exit Strategy:
Entry 1 (Long): If SPY holds above $568, look for bullish confirmation with a stop around $566.5. Target the $570.5–$572.5 range for exit.
Entry 2 (Short): If price breaks below $565.92, enter a short position with a target at $561–$562, placing a stop around $567.5 to manage risk.
Exit Considerations: Use volume spikes or stochastic overbought/oversold conditions for timing exits.
Directional Bias:
Given the post-FOMC gap down, there is cautious sentiment. A bounce to fill the gap is possible, but the overall pressure remains bearish unless buyers strongly defend support zones. Monitor the $565–$568 range closely.
Today’s session might be volatile with rapid swings. Bearish bias persists, but expect possible bounces toward the gap-fill area.
Tight stop losses and quick profit-taking will be critical in today's environment due to possible fakeouts.
SPY opened with a gap down, reflecting a bearish sentiment following the FOMC. This can indicate volatility at the open as traders digest the implications.
Volume Profile: The visible volume profile shows significant activity around the $565.92 and $568 levels, with a large volume concentration in the $561.38–$560.83 range. This suggests strong support at the $560–$562 range.
Resistance Levels: Immediate resistance around $568.60 (currently price hovering here), followed by $570–$572.88 (marked by the upper volume nodes). Expect profit-taking around these levels.
Moving Averages: The moving averages (20 EMA, 50 EMA) indicate price is hovering below both short-term averages, reinforcing near-term bearish momentum.
Stochastic Indicator: The stochastic is showing an oversold condition with a possible bullish crossover, suggesting that there could be a short-term recovery or bounce at the open.
Price Action & Key Levels:
Immediate Resistance: Around $568.60–$569, where sellers are likely to take profits.
Support Zone: Strong support lies at $565.92. Below this, expect price to test $561.38.
Potential Gap Fill Target: If there’s bullish momentum, the gap to $572.88 (upper resistance) can be tested, but the move should be confirmed with volume and momentum.
Scalping Entry/Exit Strategy:
Entry 1 (Long): If SPY holds above $568, look for bullish confirmation with a stop around $566.5. Target the $570.5–$572.5 range for exit.
Entry 2 (Short): If price breaks below $565.92, enter a short position with a target at $561–$562, placing a stop around $567.5 to manage risk.
Exit Considerations: Use volume spikes or stochastic overbought/oversold conditions for timing exits.
Directional Bias:
Given the post-FOMC gap down, there is cautious sentiment. A bounce to fill the gap is possible, but the overall pressure remains bearish unless buyers strongly defend support zones. Monitor the $565–$568 range closely.
Today’s session might be volatile with rapid swings. Bearish bias persists, but expect possible bounces toward the gap-fill area.
Tight stop losses and quick profit-taking will be critical in today's environment due to possible fakeouts.
Note
This game plan is still valid for Monday, 9/23. SPY may drop to test 565.92, then potentially touch 561-562. If it holds above 568, the target is 570.50-572.50.
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.