SPX SPY ES for 2/27/24

Today was one of the days where timeframes conflict and so price action can get a bit choppy, so the usual warning was issued in the Discord for these instances. Overnight our long setup had played out perfectly and was frankly the easiest trade all day/night which wasn’t super helpful for those that only trade cash hours. Price ripped off 5087.75 (87.25 overnight low) to our 5107.75 level (5108 high of day). It was the trade down that was very choppy, and this is because of the conflict with higher time frames being so bullish.

We did catch a nice reactive countertrend long from roughly 90 to 99 but sellers were persistent which is another slight change in character to consider. Even that trade, even though I called it out, was not fantastic given the sellers’ control of the day to that point. Sellers continued to grind buyers down making continued lower highs and finally liquidating buyers at the close which was expected on continued defense of 92.5 from below. The liquidation took price directly to our 78.75 level (low of day).

I remain swing short from 5121.75 as mentioned with some profits taken. Buyers are still in full control of higher timeframes, and we have a critical test upcoming where I may be required to cover the remainder of my short and/or flip long.

To learn more about how I trade, see the post “What is Trading Doggy Style” Here

-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.