Market Retracing and Oil Moving Up. How to trade it today!

Good morning, traders. It's Thursday, April second at four twenty-five a.m. All right, two stocks for today. We got SPY and we got USO. So SPY had a massive rally last couple days, and on the daily chart on the right-hand side, you can see that we upthrusted to my two hundred exponential moving average. We had what's this? One point seven million, two point seven, three point five million. Right here, and then we actually were pulling back below the 4— we're testing the 4 exponential moving average on the daily charts. We're already down about $7.50, but this was a massive 20-point rally, gapped up again another $7 or $8, and then now we're pulling back. So we've got targets here of this print here about $6.45. I've got my 250 simple moving average here, and then we can maybe get down to $6.38. You can see that it's Overall bearish trend, right? We move out; it's like yeah, that's bearish. We've made a lower low, you know. So coming back up, let's see. Let's see what actually happens with that one. So let's go ahead and look. So we can trade this both ways for the retracement to the upside or the pullback. So let's see what we've got here on the left-hand side. So on the left-hand side, you can see all of this resistance that's here. With my calculated pivots and cams, but we're going to be bullish above $651. Let's get above here. This print is $650.42, this, this 1.1 million from yesterday. So $651 target, $652.20, $653.72, $654.23, $654.63 is the $750K. Then we've got $655.59 is the pivot. 650,614 is this print. 657,89. 657,69 is this, uh, 858K print. And then we've got, um, 658,17 is R1. So if we make it— I mean, this is really tough. We've, we've mapped it out in case it, it up thrusts. But anyway, we've got— this is our post-market. Sitting here right on this print, and then market opens and it gaps down here. So all of this is overhead resistance. So let's get we're going to be bearish below 647 here. It looks like it's getting close to that. So just the next level, right? We we want this to get increasing volume breaking below the level to get in target 645.22 is a 3.9 million print. 644.55 642.50. Then we've got 640, 639.03, 638.40, 630, 630. These are these massive prints that we've been looking at. 634.44 and 633.51 is the S5. So that's giving us another almost 15 points here. The ATR has grown to over $11 on the SPY. You know, when the market's normal, it's usually $4 or $5. If that, you know, when it's when it's moving, yeah, it's usually about four or five dollars there. So anyway, let's go ahead and look at oil. Things are heating up in Iran. So looking back over here, this is on the last month. We can see this massive accumulation here and adding to their position, but it went sideways for a bit. We had all of these. All of these prints in here that we pulled back to test this print down here and started moving up. There's the break, retest, moving back up. So this was the test of the eight exponential moving average and these prints down here. We had that increasing volume there, but now we're making a new high, recent high. I guess maybe we'll go back and see. But anyway. USO is up $9 already. Its ATR is 8, so should be some room here to trade some oil. On the intraday, we're going to be bullish above $134. Let's get above this R4. You can see we're just kind of hovering here around $133, so this will be resistance. And then what we need to do is break, retest, increasing volume, making a new high here, then move up $134. So $137.11 So you'd be 135, 136, 137.11 if this is going to take off. 138, 140, 142.50, 145. I just wound up doing that. If you have this where the 4 and the 8 are running together, there's no reason to get out of the trade. Like, so it could pull back to here to the 4, move up, pull back to the 4, move up, something like that on the intraday. We're going to be bearish below 134. Sorry, bearish below 132.50 because this is a quick retracement trade target. 130.60 is R3. 127.38, 126.74 is a 100K print from yesterday. 125.88 and 124.98 is this cam right here. I left this at the 125 level Right about here. This is getting into massive support if it continues down. But look at all of this here: 200 simple, 50, uh, 50 simple, 200 exponential, smaller print, all in here. This is massive, massive support. So if we come down here, I would call this pretty much my, my exit, unless you maybe want to lose a few pennies on that one. Okay, there you have it. Those are your trade setups for today. So please like, share, subscribe, do all of that great stuff. And we will see you later. Well, actually, well, actually, the markets close tomorrow. So happy Easter, everybody who's celebrating. Well, all traders need a three-day weekend. That'd be great. And we'll see you back on Monday. Happy trading. Mobitick has partnered with TrendSpider to bring real-time institutional trades to your charts. Click the link in the description below for more details.