SPX ES SPY Trades for 1/23/24

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RECAP:

Note: I’ll updating the swing position we initiated in discord tonight.

This past weekend I had posted some additional markets worth making note of in a non-paywalled post seen HERE.

ZN indeed saw continuation off demand, which gave RTY/IWM the lift expected.

YM completed it’s breakout, and so far has back tested and held Friday’s high

NQ and ES both gapped up

NQ saw relative weakness today, which could be rotational or could be deleveraging given RTY strength as long NQ/short RTY is a commonly used pair trade. If a fund were unwinding leverage in this trade it would mean selling some NQ and covering (buying) some RTY so we’ll consider this possibility. Early buyers intraday were liquidated and NQ tested just inside Friday’s range to Friday’s VPOC where it held for low of day.

ES was similar to NQ without quite the weakness.

The Asia overnight session opened right at our key level from long setup 1.

It immediately traded higher, pullback to 72.5-74.5 and held again. This spot was not violated during the European session and held another test during cash hours today.

Will sellers be able to find traction into Friday’s range tomorrow? Will the multi-week breakout be sustained?

See full recap of the balance and how we will evaluate for a sustained vs false breakout on the weekly plan seen HERE

To learn more about how I trade and what we do see HERE