Will SPY make new hights today? Trade Ideas for Monday Sep 29
We nailed the trades Friday. I'm expecting volatility so be cautious about the gap up today.
We Caught the ENTIRE range on SPX 6630c and 6640c!!!
On Friday I wrote that this was my number one trade idea on the blog.
After the first hour of trading was done, I share this with THT PRO members:
Watch the video to see what happened and learn how I read the action.
VIDEO LESSON of SPY/SPX Trade Ideas
If you are tired of overtrading, not knowing how to plan trades, and want to make more in less time, come join us.
What is Two Hour Trading?
Two Hour Trading is my system for finding and executing trades while spending less than two hours a day trading. My goal is to earn 100-300% on the capital I risk while waiting for 1000%+ gain trades to set up. Key benefits include:
High-quality trades with excellent reward vs. risk
Avoiding overtrading and losses from it
Trading to win vs. trading not to lose
Stacking the deck in your favor
If you are busy and want to see my commentary and ideas in real time consider joining THT-PRO.
Plan for Mon Sep 29
Stick to process. The process and trade setups I teach works. Rinse and repeat over and over again. There will be losses. Any good system will have them. Being systematic also means the gains will repeat and come again too. If you keep changing your system/process trying in an effort to never lose a trade, you will never get to where you want to go.
SPY Surge: Guard Your Gains Before Reversal
Premarket momentum pushes SPY above key resistances, signaling potential upside but watch for failed breakouts.
Market Context
SPY’s premarket trading shows a close at 664.57, up from the previous day’s close of 661.85, positioning it above the pivot at 660.61 and R1 resistance at 663.87 but testing R2 at 665.62. Over the last five trading days, the index exhibited choppy action with multiple failed breakdowns below supports like 658.86, often reversing on volume spikes, suggesting a bullish bias if momentum holds. Chart patterns indicate consolidation near recent highs around 667, with today’s setup favoring continuation unless premarket highs fail, potentially targeting 670.63 on strength or pulling back to 663.87 on weakness.
Key Events Today
No major events scheduled today, potentially leading to range-bound action.
Key Levels and Their Significance
670.63 - Resistance: Potential upside target if bullish momentum sustains
667.34 - All time high
666.60 - Potential Resistance
665.62 - High Priority: Resistance for failed breakout reversal; clear rejection on 1-minute chart yesterday with 1.5x volume spike, 75% probability of hold from recent bounces, scalper, active at open if premarket fades.
663.87 - High Priority: Resistance/support pivot for reversal setups; aligned with Fibonacci 61.8% retracement from 5-day high, 65% probability based on 3 bounces in data, day trader, key early morning if price tests from below.
660.61 - High Priority: Pivot for breakdown protection; frequent volume-supported holds in last 5 days (2x average at touches), 80% probability of support in range-bound conditions, scalper/swing, relevant throughout if no catalyst.
658.86 - Support: Failed breakdown target; multi-day low with reversal on high volume (2.2x average), 60% probability of bounce from historical data, day trader, afternoon if downside pressure increases.
655.6 - Support: Deeper reversal zone; aligns with 5-day low cluster and volume spike rejection, 50% probability if extended selloff, swing trader, late session on weakness.
650.59 - Support: Extreme downside level; rarely tested in data but strong historical floor with 3x volume on past approaches, 30% probability unless major break, long-term trader, only if broad market panic.
Tips for Recognizing When a Trade Idea Is in Play
Watch for volume spike >1.5x average on approach to level for confirmation.
Confirm reversal with 1-minute candle close beyond entry trigger.
Monitor premarket momentum fade if no open gap for range setups.
Avoid entry if price gaps >0.5% away from key level without pullback.
Use 5-minute chart for alignment with higher timeframe support/resistance.
Exit partial if opposite level (e.g., next support) is approached early.
Disclaimer: Not financial advice; consult a professional.