SPX SPY ES for 2/15/24

Did Sellers Drop the Ball Again?

RECAP:

If you struggled today, especially early, I don’t think there’s any shame in it. Today was rather volatile as sellers didn’t completely and utterly roll over like the prior 3 instances following a sell off. Any time price is making both higher highs and lower lows withing the same session (megaphone or broadening formation) it is best to trade more carefully and with smaller size as moves can be volatile. Identifying that today would be a hard day during premarket may have been the most helpful thing I said today in the discord because it certainly was.

SPY 0.00%↑ Last night’s post mentioned the kick save of the ascending channel in which it had been trading. Today’s low back tested it and held nicely:

We left a gap unfilled below us today and we have an open gap above us. Sellers effectively have 1 maybe 2 spots left where they can cap this rally before we make new highs. We’ll discuss those spots tonight.

-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.