SPX SPY ES for 4/25/24
Was that the Lower High?
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
The weekly plan called for a potential lower high setup that may have played out today. We were prepared for it today and I have a position. The sequence is not yet confirmed until we see the action the next two days, but new lows are fully expected if it does indeed confirm. From the weekly plan:
Last night’s post was done in discord where I suggested the lower high scenario would play out today:
The cash hours high was 5124.75 and the overnight high was 5128.75
IWM 0.00%↑ had gotten the expected relief pop this week and hit it’s major resistance yesterday.
DIA 0.00%↑ landed just under where I had drawn a prior box but it arguably could/could have been extended down to include the lower wicks from March and I would advise that now given yesterday’s high touching it
QQQ 0.00%↑ tapped just shy of it’s prior box top as as of after hours has resolved back to the bottom after META 0.00%↑ earnings.
SPY 0.00%↑ SPX had a little more room to the 5092 level we’ve had on our chart for ages. It has now found its way back to the 5038 level as implied by futures, following the META ER.
Tomorrow will be critical to begin to confirm or negate this “failed escape” lower high scenario. With tonight’s plan we will be prepared to either add to swing short positions, take profit, or close them.
Seats are once again available for Trading Doggy Style school. Learn more here: Learn it For Yourself
The students on the exclusive trade floor for the course students were absolutely killing it today, helping each other to grow and remain in the trade longer.
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.
Discord Instructions for access (free for paid Substack subscribers) are below.
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.