SPX SPY ES for 2/14/24

Bears Came to Play

RECAP:

CPI caught most market participants well offsides today and it showed in the selling. Ultimately no major technical damage has been done. Yet.

ZN failed today at the weekly supply posted in this weekend’s free Markets Overview post seen Here:

Here is the before and after picture (after picture on daily for clarity).

DXY also broke above resistance outlined in the same weekend post. Before and after pictures:

SPY 0.00%↑ (ES) Failed at the top of the channel and upper Bollinger Band we have been watching (not included in the weekend post) and kick saved the bottom of the channel into the close.

The QQQ 0.00%↑ reaction at the trendline posted in the weekend post was significant. This connects the 2000 and the 2021 highs (seriously)

Tomorrow is VIX product expiration and Friday is monthly options expiration. Whether we have strength or weakness into the end of the week will very likely impact how participants position for the next month.

-For those that trade SPY/SPX, there is an ES to SPY/SPX converter in Tradingview. See announcements in the Discord.

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.

-To learn more about what this Substack offers, please click HERE. I would like to avoid people signing up before they know what they are getting.