SPX SPY ES for 3/06/24

One and Done for Bears Again? Or Something More?

We have been monitoring for the possibility of a “trap door” setup in the index for some time. The move into yesterday’s high triggered this possibility. We were watching for 5160s from the weekly plan, and specifically 5157.5 for Monday’s plan for a sell to occur on a “failure to go higher.” From the weekly plan:

After an initial battle over 5089.5 we got a final liquidation back down to the major 5060 spot. Will this be the same as 12/20, 1/31, and 2/13 or is this time different?

IMPORTANT THIS WEEK

I will continue to use the current (March) ES contract for levels through Friday. Trading View will change ES1 (front contract) to the June contract on Thursday at 1800 EST open and thus will affect Friday trading. One can use ESH2024 on Friday to have these levels apply.

Be sure to see the weekly plan for a bit of context and expanded commentary HERE.

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.