SPX ES SPY Setups for 12/15
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Today may have been a rather difficult day to navigate because we opened on such a large true gap up. Fortunately we recognized the strong disagreement between buyers and sellers within the first 30 minutes and were prepared for some of the trappy action.
Sure enough we saw a look below and fail of BOTH the 30 minute opening range AND the initial balance, followed by a trap higher and then finally a dump all the way to yesterday’s value area high.
All of our long setups (as always) were dip buys with reactive trades only for a true gap. None of these dips played out until much later in the day than is typically ideal. In tonight’s post I’ll expand on today’s discord commentary regarding why I would have been slower to take either of the first 2 long setups, and update my prospects for an outside day tomorrow. Long setup 3 ended up working for up to 28 points, but would have been difficult to execute so I will also discuss where/how I might have entered if I had been trading at that time.