SPX SPY ES for 2/23/24

I had mentioned in the 2/20 post that 4960 could being a rotation back to 5011 and 5017.5. I won’t pretend to have expected it to rip 140+ handles in 6 cash trading hours but it was certainly a powerful setup. The look below and fail of Tuesday’s low (into the strong 4960 level) then triggered a weekly setup (value traverse) which I had posted in the weekly post and Tuesday night’s post (look below and fail of 4982.25). I call this a cascading trade setup and yesterday/today was a great example of how powerful they can be.

The major target for this breakout is very reasonably 5190 with 5120-30 an important decision point. There will be pullbacks along the way but as long as this breakout is preserved then upside targets remain. We will certainly be on watch for early signs of buyer fatigue that may change these targets but they stand for now.

-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.