SPY gapping up. Will it hold? Trade Ideas for Wed Sep 10
BOOM! High Probability Trade Idea Scores Again!
NO REVIEW TODAY - Sorry. Woke up late
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 Wed Sep 10
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.
Market Context
SPY shows upward momentum in premarket, closing at 653.81, just below resistance at 653.86. The chart indicates a bullish bias with recent bounces from supports, positioned above the pivot at 650.54.
Key Events Today
*8:30AM PPI
Key Levels and Their Significance
660.60: High Priority; acts as major resistance for failed breakouts
655.57: Resistance level with volume spikes >2x average in prior sessions, 65% rejection rate on 1-minute chart; relevant for scalpers during mid-day.
654.13: Data-derived premarket high showing clear rejection and volume spike; 75% probability for failed breakout reversals, active at open for day traders.
653.86 - High Priority: Key resistance near premarket close, frequent bounces with Fibonacci alignment; 80% hold probability, ideal for scalpers at open.
650.54: Pivot point with multi-day support tests and volume spikes; 70% reversal probability, suited for all trader types throughout the day.
648.83: Support level with recent reversals; 60% bounce rate, relevant for swing traders in afternoon.
645.51: Lower support showing frequent holds; 65% probability based on volume, for longer holds.
640.48: Deep support with historical lows; 55% reversal chance, mainly for end-of-day monitoring.
BOTTOM LINE: SPY is winding up for a move