Dave Barnhart maps SPY trade setups around the Non-Farm Payroll report. SPY is at 745, between major volume clusters at 759 and 725, with an ATR of $11. He outlines bullish targets above 746.50 and downside support at 743.75.
Chapters
These are the largest ones. These are ones that are reported late, and so we can see here that we've got this consolidation of prints here that looks 6.4 million shares at the top at 759. Like that's billions of dollars. So we pulled back here, and on June 11th we had this 4.9 million here at 725. So we made a lower high, pulled back, tagged this one. We're moving up. So we're sitting right in between of all of these prints at 745. You can see 759 or 725, and so the volatility there. Where are we gonna go? We're just stuck right in the middle. So we're gonna plan this to the upside, downside ATR, and this is about $11, but with volatile days it can move a little bit more than that. So we're gonna be bullish above $746.50. Let's get above here. So looks like a big move, it's only a dollar something. We've got my 200 exponential, 200 simple in the pivot, and you can see that this whole area is resistance at the moment. We've been holding this floor, this 5.1 million from June 23rd at $744.37. You can see we've bounced off that. Up to the 200, and we're gonna maybe give it another whirl. So 746.50 target, 747.05, 747.70, 749.34, 750.07 is this 10.5 million right here, and then we've got 751, 752.85 is this cam, and then 92 is double. So if we break above the upside is nice, and then on the downside, if we Break below 743.75, get below this cam here. The downside increasing volume: 742.28, 742.08 is a 4.9 million. You got a little bit of a sandwich there between a pivot, a cam, and a print. So this would be short-term support even if we come down and tag it. Maybe do an H, come back down if it's going to continue. Then we've got 40, 38.80, 735, 732.93, 731. 71 is S3. 73174 is S3.
