10/15 Weekly Plan ES/SPX/SPY
Extended version to provide some educational nuggets.
I’ll do only a brief recap of last week’s plan for some context because frankly I’m not a fan of eternal recaps showing how right the author was. The TLDR for last week was “short term bullish as long as 4297.5 doesn’t flip to offer (resistance).” ES gapped down last sunday night on the middle east news right into the 4304-4308 range with a brief excursion below to 4299.5 and went essentially straight up from there. I specifically called out 4419-4424 and 4435-40 as areas where I would aggressively manage the 4270 swing long as it could be nothing more than a weekly lower high to resume the downtrend. 4419 capped cash hours trading with a brief excursion to 4430.5 the morning before CPI. DXY found strong bids just above the demand area outlined and looks primed for a retest of recent highs which will draw into question the “narrative” covered in last week’s reports.
So was that a weekly lower high to now make lower lows or is this simply bullish consolidation after a large move up?