SPX ES SPY Trades for 1/26/24

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RECAP:

Following yesterday’s rather aggressive sell we held 4889 during after-hours which was a key level on the 2 day (Monday+Tuesday) profile. Once unable to break 4889 on a horrendous response to TSLA earnings, buyers saw this as a dip buy opportunity and those lows were never revisited overnight. We saw some difficult to trade 2 way activity today which was expected from last’s night commentary. Sellers didn’t really mount a reasonable defense until their last line in the 4922-25 range. After the initial move higher into 4926.5 the rest of the day was selling until another late day rally closed strong. We have been monitoring these late day moves that are seemingly out of context with the remainder of the day and we will continue to do that. Regardless, until we at least take out and see continuation below a prior day low the buyers are still in control.