Dave Barnhart breaks down pre-market trade setups for SPY and MU, analyzing large block prints and key levels. SPY is bullish above 682.25 with targets higher, bearish below 677. MU turns bullish above 241.50, bearish below 239.
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Good morning, traders. It's Wednesday, December 17th at 5:13 AM. A little bit of economic news today at 8:30, some retail sales numbers. Maybe there's a little bit of volatility. And I wanted to point this out yesterday, massive, massive trades on the SPY, 12 million shares at 679.10. This is an $8.2 billion trade. Sitting here, 679.10. So I had pointed this out in other videos. Look at the value of some of these trades around this level, right? So 679, so essentially 680. Then we've got 6 million here at 681.78. 689 was the big one that we pushed back from, 7.5 million. And 687.54 is 4 million. So here we've got 8, 12, 17, about $20 billion sitting here at this 680. Between 680 and 690 as well, and we noticed the IWM for the last couple days has said yesterday was a little bit light. That's a normal number, 1.6 million, but then the previous days, 3.6 million and 5.9 million. Put these lines on your chart and let's see what happens. So my two stocks for you today is SPY and MU for Micron Technologies. So let's go ahead and look at the SPY on the right-hand side. Here's this new trade, 679.10. Okay, and that's pretty much near the— yes, it's in within this doji. So we— what we saw here was we, we opened, came down, tested this 5.8 million print from November 26th, 675.14, and then we moved up, and then we tagged the 4 exponential moving average on the daily. And then we close below. So this is today's candle so far. So we're above the previous close and we're testing the 4 exponential moving average. So if we're looking at this, this was the low where they were adding to their position, right? So we came, we came up here, the 7.6 million, pulled back, tested this 5, and then this 12. So what's this? This is 18 million shares right here. So if we start moving up and we, we get above this, all of this money is part of their longer-term position, which means that it's a massive move up. If we close below this level, $6.75, then we can see $6.65, $6.62, $6.52, and then below. So I've only overlaid the prints here in the last month for that. So just be aware of that. Let's go ahead and map out our trade. We're going to be bullish above 682.25. Okay, so we've got this large 6.4 million print here that we talked about as well. So we'll get above 682.25 with a target of 683. 683.53 is this 5 million print. 684.41, 685.01 is a CAM, and we got a little bit of space here, which is great. 687.54 is a 4 million. 689 is that 7.6 million here, which was right at the top. You can see that where they were selling. And then 690.51 is R3. Okay, on the downside, we're going to be bearish below 677. Let's get down here, 677. So it looks like there's a lot of room, like we're at We're at $6.81. This is about a $4 move. We've got, we've got these moving averages here, we've got these CAMs, and we've got our 200 simple, 200 exponential, and a 12 million print. So this is all massive, massive support. So I picked $6.77. If you want to fart around in here, absolutely go ahead and do that. This to me is the safer trade below $6.77, target $6.76, $6.75, $6.54. Is this S1? 675.14 is this 5.8 million share trade, and then 675 is the 50 simple. So we're back down here, right? Back at this old print with this 5.8 million here. But this is the 50 simple moving average on the daily. 672.73, 672.21 is S2, and then we've got 670, 660, 750, and 660, 611. So this is, this is over a $6 pocket here if we break down into this area. Okay, so there you have it for the SPY. Let's go over and visit our friends at Micron. Okay, so here's Micron. We've gapped up today, so this is, this is interesting. You can see this here, the largest trades in the last month as well. We had the 700K print. Looks like they added to their position. We broke, retested. Great entry, right? Break, retest of prints, moving up. And then we've pulled back here and tested this consolidation of prints here, and we're moving up. So this is similar to the formation on the SPY where we, we had this retesting prints and we're moving up. So we're testing the 4 exponential moving average, then the 8. And then if this works out, maybe we can get to 246 up here to this other print, 252 and beyond. And if we close below this level, the 224, then I can see us coming down to 204 if that's the case. We close below this 50. So let's go ahead and map this out. We're going to be bullish above 241.50. Let's get above this cam here, maybe a break and retest. Get us to 242.98, which is R2. And then we've got lots of space here. 245, 246.92 is this 400K print. 250, 251.80 is R3. 250, 242 is a 970K print as well. Then we've got 255, 260.62 is R4. So yeah, really nice trading there. And if we break that, then all the way to 269.44. We're going to be bearish below 239. Let's get below here. Target 237.75 is our one. 237.36 is a cam. 236, 235.42 is this 400K print down here. And this is a lot of support because it's my 50 simple, my peanut butter and jelly as you're getting used to. This is my 200 exponential, 200 simple moving average. And so I've got them on my chart because they work amazingly. So 234. 16 is the pivot. And it's also this 400K print. 233.32, 231.76. We're just calling these out. 230.89, 230.08, 228.93, 227.66. And we've got 225.34 is this S2. And just below this, we've got a lot of prints from the last week of November, about 1.5 or 1.6 million. All right, there you have it. Those are your trade setups for today. So please like, share, subscribe, do all of that great stuff. Let us know how you're doing, and we'll see you this afternoon with the results of these trade setups. Happy trading, everyone.
