SPY 0.00%↑ today gapped down and moved back up over the 200SMA before finding resistance at 396.60. We still have a little further down to go to test the bear market trendline, which currently is in that 387.66-390.59 orderflow zone however so far bears dropped the ball today and allowed bulls to take over the session forming a bullish engulfing on the daily, off the 200sma and over the 396.60 orderflow level and prior dp sell level
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There was also some notable buying of OTM call flow leaps on SPY $450C JUN 2024, $14M+ purchased.
This can indicate that potential 2B bottom move we mentioned yesterday, which can see SPY go back towards 400.67-403 area. We will need to see where we open tomorrow, and the orderflow levels will be key.
Here is the economic calendar for tomorrow, some fed speakers:
Here are the levels to watch for tomorrow on SPY, ES, TSLA, NVDA, META, AMZN, GOOGL and others:
$ES_F
3970 pivot
→ Above 3970 can see bounce back into 4010 and 4024
→ Below 3950 can see drop to 3914-3924
SPY 0.00%↑
396.60 pivot
Keep an eye on the RSI for a divergence
→ Above pivot target 400.67, 402.5 overshoot
→ Below pivot target 393.11, 390.59, 387.66 overshoo
TSLA 0.00%↑
May see more range between 190-210. Although it gapped below 190, it fought with it the entire session and there is an unfilled gap above at 198.52. For the next move here it will matter where it is by IB close tomorrow.
Below 190 target 175.60 - 170.84
Above 210 target 221.26 - 23
NVDA 0.00%↑
Multiple day consolidation, completed an 8ema backtest and 50% fib retracement at 227.30 and bounced. Bullish engulfing on daily, and millions in call flow today. Can see a push back to test 238 unless 227.30 falls, this is short term bullish despite the unfilled gap below
META 0.00%↑
Alot of resistance, however have seen continued flow into 180C for next week 3/10. This one may stage a breakout, will need to watch that red line for a move up to 180.65.
AMZN 0.00%↑
ITM call flow spotted, typically bearish for short term. However, if it can hold this 91 level, it can see a move back to 97-98. 50SMA and 8EMA cross today. Both at 94.07.
GOOGL 0.00%↑
OTM Put leaps spotted, typically bearish for medium term (81P JAN 2024)
Possible retrace to 94 before moving lower to 83 later on
Will send out real time updates in the discord.
- Jovan