SPX SPY ES for 4/11/24

Make or Break for the Index

The first 5 parts in my free series explaining some basic profile concepts is now available at www.pharmdcapital.com. Click PharmDCapital This section and other free material will be added to over time. Scroll down to the “Want a Taste” section to read it.

The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE. This includes the 3-week box setup that could present some amazing and large trades this week.

We have been preparing for this move lower for some time. 5272.5 was our key level for the week, and we were on watch for a quick trap above in the 83.5-86.5 range. This played out on CPI data and the rest was history.

After many of us shorted the look above and fail of the IB high (I missed it due to work), the 13-16 range was identified as an area we could short. It was the cleanest trade of the day and it worked four times.

SPY 0.00%↑ is now trading at the bottom of its 3-week balance. Will it become a 4th week or will it break to the downside tomorrow?

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 Instructions for access (free for paid Substack subscribers) are HERE.