SPX ES SPY Trades for 1/25/24

Was that Top or Naw?

Discord policy may change to a wait period in the near future. Instructions for access (free for paid substack subscribers) are HERE. Reminder that it can take a couple days to get the invite link and ultimately assigned member status once in the “landing” area of Discord.

NOTE:

As tomorrow will be a major inflection in determining if today’s selloff is a continuation short or buyable pullback, I’ll make sure that anyone who requests discord access tonight gets an invite.

RECAP:

As mentioned in last night’s commentary, yesterday’s late day move into the close, followed by the NFLX reaction had me feeling a bit uneasy into today. We opened on a rather large gap up that was initially sold at open but ultimately resolved higher to our 4831 level. I had added this morning that I was expecting some digesting to begin in the 4918.25-4940 range. Instead we saw a bit if INdigestion in the last 3 hours. This potential bearish setup was cautioned in the discord just before it played out. From last night’s plan and today in discord (discord is EST-2):

The rest of tonight’s post will be focused on how we will identify if there will be continuation tomorrow.