Simple Technique Reveals SPY's HIDDEN Target

追加: 2026-05-07

[00:00:00]Hey traders, Michael here from my strategic forecast. You're here for another episode of Common Sense Market Analysis. Today is hump day, May 6, 2026. You're looking at a daily chart of the SPY or spiders, which is the proxy for the S&P 500. What do we have on the docket today, but it was another day of just ripping them up higher. Okay, we are up 1.39%, little more than 10 bucks on the day, and there's no real major change on the chart. Still making new all-time highs.

[00:00:28]the trend is your friend, etc., etc. But as you can see on the chart, we do have this black line up above at around 740, 741, give or take, and that is a target up above from some symmetry work that we did the other day. So, as you can see, we have a bunch of lines on the chart, but let's just go ahead and start from scratch, clean this all up, and take note that we're on a monthly time frame, a larger time frame, because we need to understand the bigger picture. So what we could do is pick out some key pivot lows and pivot highs. For example, right here, the low from COVID and then equidistance to this pivot high over here. And then what we could do is copy this line over, take it to another pivot low area. So for example, right here, this was the month of October 2022. And as you can see from the high right here, that was indeed an area of some overhead resistance. And then we reversed right back down in the other direction, making another pivot low. And then what we'll do is copy that line one more time, attach it to that pivot low, and the high of that symmetrical move falls in line right near 745, 744, give or take.

[00:01:34]The line that I actually showed you from before, that was actually some symmetry work that we did on the weekly time frame. So around a big fat round number at 740 can be some overhead resistance and obviously a target up above. But from an even bigger picture perspective, again, we're looking at the monthly time frame. You also have some symmetry that falls in line with another big fat round number at 745. Again, the give or take.

[00:01:58]And these aren't specific areas where we're looking to short the market because again, we're in this giant bull case scenario continuing to grind up higher until proven otherwise. But these are potential targets up above where we can start to look for a sign/signal of a trend change or just overall a change of character. But I would certainly mark those areas down and put them on a sticky note. We're going to see how the market reacts to that symmetrical move.

[00:02:24]Just some other minor stuff that you should know about. We do have the entrance to no man's land at this low 72782, which can be some support from at least a first time best time situation. But if we start to get below and close candles below that number, that opens the door to this gap from yesterday 72377, which technically falls in line with a mini breakout area. So, we could call that a mini zone of support. Obviously, we're going to have the exact numbers ready for inside the numbers and live room members, but these are just some areas that you should be aware about.

[00:02:58]Taking a look at camp IWM, we are up 1%, $424.

[00:03:04]And again, the trend is your friend until proven otherwise. And we could do some of that same symmetry work or camp IWM because remember, all charts act and react the same way. And there's a few different levels of symmetry that you can do. Some symmetrical moves are going to be smaller or larger than others. But for example, here's a pivot low back in 2016 up towards a pivot high where we found overhead resistance. We'll go ahead and copy this line and we could go over to another pivot low for this example. We can use the pivot low back in October of 2023. And as you can see, that was a pretty symmetrical move. We found overhead resistance right at the top from the symmetry. Taking that line one more time. Here's another pivot low.

[00:03:47]Little bit hard to see on the monthly time frame, but if we dim it down a little bit, here's the top of the symmetrical move. And we could say that was pretty spot-on. But obviously, that's all stuff that happened in the past. But as we know, markets love to repeat themselves. That's kind of why symmetry exists in the first place. But we'll go ahead and copy that line one more time. Take it to this pivot low back in March. And that symmetrical move is quite far away. We're only near the midpoint of that move. Takes you to around 318, call it 320, give or take.

[00:04:18]But again, like I said, there's other levels of symmetry that we can use on the chart. So, let's just go ahead and clean this up. And we could see that there's a bigger symmetrical move from the low of 2020 back in COVID up towards this pivot high right here. So, we'll go ahead and copy that line, take it to a different pivot low, same one that we were using before back in October 2023.

[00:04:38]So, it's the same idea. It's just a different level of symmetry, a bigger one in fact. And that takes you to around a big fat round number at 310.

[00:04:48]All right, copy that line one more time.

[00:04:50]Let's take it to this pivot low. And again, that falls in line right near an area that we just covered from a different level of symmetry at 320, give or take. So these are targets up above and a destination that the market might want to get to. Okay, frankly, we don't know when she's going to stop going up.

[00:05:08]Okay, we can stop making new all-time highs when the market tells us that it doesn't want to anymore. And that's when we'll receive a sign/s signal of a trend change, but from some symmetry work on the larger time frame, the bigger picture perspective, these can be targets up above. And it's just something to be aware about. Okay, there's other levels of symmetry. As you've just saw, you can find symmetry pretty much on any time frame. But obviously, the larger the time frame is, the more dominant it's going to be, which is why we're looking at the monthly time frame, but I urge you to go look at other time frames and try to find some symmetry on your own. And speaking of some intermediate targets, we do have some key numbers up above that we can head to first. One of which being 290, a big fat round number.

[00:05:55]There's also a magic calculator number at around 291 give or take. And then you also got 295 300. That's going to be a very big milestone number. So there are other areas and targets before potentially going to the main one. And we're just going to have to see how the market treats those areas. Got to take it one day at a time based on the current conditions that we're in right now. What's going on over with my second favorite market leading indicator, the transportation department. We did mark a small zone of resistance. Basically the high of this breakdown candle and then the gap up above. As you can see, that was pretty much spot-on. That's just a natural place of some overhead resistance. And basically, we got to see if that area is going to hold. If we start to get above and close candles above, she could continue up higher. You got the 20 period moving average up above. That's going to be a target. And then also a little bit higher up above.

[00:06:47]You have a sellside imbalance buy side inefficiency, otherwise known as a bearish fair value gap. Another one right here. And then obviously you have our zone of overhead resistance up above. So there are some levels that are going to be some major resistance for the transportation department. My second favorite market leading indicator. And these are all going to be some tough areas to just bust right through. So we're kind of at the first stage right here. This mini zone of overhead resistance. If we start to get above and close candles above, then stage two is going to be the 20 period moving average and this sellside imbalance. And then basically you got level three. And then the last line of defense being our overhead resistance zone. On the flip side situation, if we do come back down towards this number that we marked, 19650 give or take, and we were pretty much spot on with that, fell right in line with the 50 period moving average.

[00:07:38]We start to close candles below, then the door will open to the 100 period moving average, this purple line right here. Call it the midpoint phenomenon area from this number down to our support zone down below. So that's what we got for the transportation department. So, we didn't have any standout opportunities for inside the numbers and live room members. Just never got to our areas of interest.

[00:08:00]We're going to skip over that. Not going to waste any time. But we did have a third and final profit target for lazy swing trader members. That was in MetLifeM.

[00:08:10]As you can see, everything is marked out. We got entry number one on the board. Entry number two and the daily close stop. As you can see, we did hit both entry number one and two. Never closed daily candles below the stop. got a nice recovery from this area and then eventually hit profit target number one 7450. Profit target number two and then lastly profit target number three at 8140 today's high 8159.

[00:08:36]We'll give that a funny how that works.

[00:08:38]This trade was exclusive to Lazy Swing Trader members. If you want trades handed to you literally on a silver platter with the entries, profit targets, and stop-loss all with real time text and email alerts, then the Lazy Swing Trader is the perfect fit for you. Link will be in the description below. What's going on with the Q people? We're up 2.08%, no real major change, continuing to grind up higher.

[00:09:02]And take note that we are starting to approach a big time area, which is 700.

[00:09:07]A very big fat round number. Now, it doesn't mean we have to necessarily stop at that area and reverse right back in the other direction, but that certainly is a target up above. Also, you got 699 in that area. Very curious to see if those 369 numbers hold any importance.

[00:09:23]Not really expecting anything major, just more so interested for myself. So, we'll see what happens with that. But again, there's no real major change.

[00:09:31]We'll keep an eye on these big fat round targets up above and we'll see if we get any change of character. As of right now, we have not. and we just continue to make new all-time highs. And she can continue to do that until she doesn't want to anymore. What's going on over with the financials? We're up 48%. No real major change. Still hanging between these two key areas. 5247 up above and 5125 down below. But notice that we are making a sequence of lower highs essentially creating this trend line.

[00:10:00]So, if we keep managing to do that and we can't reestablish price above this trend line or break the sequence or get above 5247, then it makes me believe that we're going to head down below 5125 and try to head towards the next target being 5042, which is the entrance to no man's land in this big breakup candle low. That's going to be the next destination for XLF. SMH still ripping up higher 5.18%.

[00:10:28]Today's high 549.88 very very close to a big fat round number at 550. Doing some very quick symmetry work. We got this pivot low up to right here where we found overhead resistance. Copy this line, take it to the next major pivot low. As you can see, that was indeed an area of overhead resistance. And then one more time, copy it over, take it to the most recent pivot low. And as you can see, we're approaching the vicinity of that symmetrical move around 560 give or take. Okay, that is a target that we need to be on the lookout for for this semiconductors. And from that moment, we're going to see how the market reacts at that area if it's going to hold any importance. But we just got to take it one day at a time. But that is your major target up above for SMH. With that said, we're going to pull the rip cord for today. Thank you all so much for tuning in for another episode of Common Sense Market Analysis. I'm Michael or Mini Frost. We'll be back ready to go in uniform for tomorrow's morning session and of course the video later that night. I hope each and every single one of you has a great rest of your day.

[00:11:34]Stay safe and take care now folks.