SPX ES SPY Setups for 12/12
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I’ve included a pretty extensive write up on trade execution around the open from today purely from a candle perspective that should at least be highly informative from a price action perspective.
Globex opened Sunday night and quickly looked above and failed Friday’s high of 4666 setting up our first short setup which ultimately made it’s way to the 4651.75 into our first long setup.
From both the weekly post and the post for today, ES 4651.75 was key to bid for direct continuation. This level was defended at 4652 in the overnight session just more than an hour to open, and ultimately resolved 25+ points higher.
I posted scenarios for both bulls and bears into the open in the discord:
This presented a difficult decision: Does one hold short runners from overnight short or reverse long? We’ll discuss this decision process and what it might look like in tonight’s post.