Dave Barnhart maps two intraday trades for March 12: SPY with bullish targets at $570 and bearish targets at $550.62, and Intel with bullish targets at $24 and bearish targets at $20. He uses EMA resistance, volume spikes, and ATR to define entries and risk ahead of core CPI data.
Chapters
Good morning, traders. It's Wednesday, March 12th at 5:46 a.m., ready for another trading day. So we've got massive economic news today, core CPI numbers. There's four of them all coming out at 8:30, so we should have some volatility today. So the two stocks that I've mapped out for you today is the SPY and Intel. So let's go ahead and have a look. So the SPY here, we've got increasing volume. Here these candles are getting a little thinner. We had a bit of a bounce at the end of the day yesterday, and so if we look here, 561.32 is a 10 million trade, and we kind of have been around that the last couple days. This one goes back a little ways. Anyway, we've got this 4 EMA here at 562.81 that will be a little bit of resistance, and then we can get a pocket up to 570 retracement to the 8 EMA. So the ATR on this is $10, so that doesn't seem to be, uh, that, that big of a deal with, um, the volatility we've been having. So then if we close below this print, you know, $5.48, then we've got a pocket down here to $5.40, $5.32, something like that. That's on the, uh, that's on the daily there. So let's go ahead and look at the 5-minute. So here we're going to be bullish above $5.61 with a target of $5.6132, which is this print I just mentioned. The 10.1 million. Then $5.62, $5.6250. Now we have an R1 and a CAM here, so we'll see a pullback here anyway at $5.60. It's also a $2.50 level, and there's 2 pivots there, so we should see probably a retracement there. And if it pulls back, there's another entry if we break above that with increasing volume. Then $5.63 and a quarter. 565, 566.25, 567.50, and 568. So if we get above this here, there's a really nice pocket all the way up to 568, and then I've got 569.32, and then up to, um, 570. Now on the downside, we got to be bearish below 559. So we get below this one here, so if we We've got a nice pocket here. Target 558.12, 557.32, 557.02 down here, and if we break this, there's a nice pocket down here. So I've broken this down into 556, 554.82, 554, then 552.62 down here, and then, um, 552, and then 550. 62. Now the 550 level is massive, right? It's a $10 level. So that gets us our ATR both ways. Let's go ahead and look at Intel. So Intel had some sort of news, I don't know what it is, but anyway, it's, uh, it's gapped up today. Now yesterday it was interesting, 1978 1.8 million. And so we can look here, there was, um, another one here, 1959. I'll add that there. So yesterday, even though this candle was really thin, increasing volume, but there's, um, 2.5 million here. And then we've gapped up today, and then we're above this 6.5 million. So this one in the longer term can get up to 23 perhaps. And and then move up, or if we close below this, if we close below 19, then we've got a a run to the downside. This is a longer-term support right about here, about 19. So there's your daily lineup. Let's go ahead and look at the five-minute. So Intel, we're bullish above 2150, target of 22, 22 and a quarter, 2250, 2273 is a six and a half million print. So When we get up here, we've got an R5, which is massive. This might be the end of the run. We've got, uh, $1.63 is the ATR, and since this is gapped up, it might gap and run anyway. But we've got $22.73, and then I've got $23, $23.40, $23.75, and $24. So we just have to be careful of all of these prints here. This is a big resistance. So if you're taking profit, maybe scale out most. Uh, in here. Now we're going to be bearish below $21, which is pretty good. This is a 28.4 million share trade at $21, and we've gapped above that. That leads me to believe that this is going to run up, except that we have to be ready on both sides. We aren't making any assumptions. So we're bearish below $21 with a target of $20.57. 2048, 2020, 2013, and 20. So we've got all of this support below us. Look at this, this is absolutely massive. So anyway, we, we could come back and fill this gap down here at, uh, at 20. So we'll see. Well, there, well, there you have it. There's your 2 trade setups for today. Please like and subscribe, leave some comments in the comment section below. And we'll see you after lunch to see how we did with our trades. Right, happy trading everyone.
