If you are looking to join the Discord (now separate from the newsletter) please see here: JOIN THE DISCORD Please email help@pharmdcapital.com if there are any technical issues. Plans/levels will be posted in the Discord so the Discord option includes Substack content but a new Substack subscription does not include Discord access.
Be sure you have read the Starter Kit, including the free section even if you’re a paid subscriber. Trading Doggy Style Starter Kit
The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 9/14
There is a 7-day free trial available for the newsletter so feel free to use that to review the starter kit, weekly plan, and plan for tomorrow. I cannot do trials for the Discord at this time.
Today was a great example of application of the starter kit. After an absolutely massive move overnight, ES and NQ faded significantly off their respective overnight highs, but both still opened on a true gap up.
Outside of a brief wick higher in the first 5-minutes, there was no interest above the open on either index and both traded toward their prior day high. ES traded directly through yesterday’s high and quickly back tested and held from below. NQ buyers attempted to hold yesterday’s high, but it too ultimately gave way. All downside targets were met on ES and most were met on NQ. This then set up a long once yesterday’s low had been taken (note I refuse to get long on the precise tap of prior day low at 11am)
Make note of the additional strength that was gained (still not a ton) after yesterday’s low had been swept. I had identified 6674-6675 as an upper edge so that was the major target for the long (with option to short a look above and fail).
Range wasn’t great ahead of tomorrow, and sellers (on ES anyway) have brought the daily to balance in my book by taking out yesterday’s low on ESZ and SPX.
We had taken a starter on JD 0.00%↑ in the Discord on Friday, and were looking for adds in the 32.95-33.02 and 33.08-33.17 range if we saw weakness into Tuesday:
We took the adds and the response was indeed strong.
We took profit on the rip ahead of tomorrow as range high has been 34.54 and the 34.97-35.32 spot has potential to be nasty.
Let’s see what tomorrow brings as it likely sets the tone for the next couple of weeks.
Paid Content Below or in the Discord
Keep reading with a 7-day free trial
Subscribe to PharmD Capital Trading with PharmD_KS to keep reading this post and get 7 days of free access to the full post archives.