SPX SPY ES for 4/23/24
I think every credible trader, including myself (I like to think I’m credible anyway), was calling for a relief pop today. From the weekly plan:
IWM 0.00%↑ and DIA 0.00%↑ saw the strongest relief which helped lift SPY 0.00%↑ to meet my absolute minimum requirement to consider longs tomorrow. QQQ 0.00%↑ however, did not. Perhaps the Qs can accomplish this tomorrow. Currently it sits trapped between what I would consider a major line in the sand below, and its prior box above that you’ve seen in these posts for weeks.
ES is trying to find balance here. It will either balance and then reverse higher, or balance and continue lower. Thus, we will be prepared for both scenarios and have areas where we can execute with limited risk and maximal reward. I believe the Qs will play a key role in this as well.
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The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
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-For those that trade SPY/SPX, there is an ES to SPY/SPX converter in Tradingview. See announcements in the Discord.