SPX SPY ES for 4/30/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
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If today’s late day rip off the lows caught you off guard, it would be a perfect day to read the below free series on volume profile. It is quite brief.
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Buyers have continued to make higher daily highs and higher daily lows since Thursday. They have, however, struggle to gain a ton of traction higher since hitting Friday’s high of day in the early afternoon. Given last night’s currency intervention, consolidation in bonds/yields, and the absolute slaughter of volatility, the bulls’ performance was a bit lackluster. That said, price is 130 handles off Thursday’s low so some digestion of that move is not unreasonable.
The Qs continue to play “The Battle of the Boxes” since the 4/19 low back test of the top of its major box consolidation. Today’s range sat right between the two boxes you’ve seen for many weeks now. Clearly it is reaching a decision point. With the macro events of this week I wouldn’t be surprised if there are traps within either or both of the boxes sitting above/below today’s range.
-For those that trade SPY/SPX, there is an ES to SPY/SPX converter in Tradingview. See announcements in the Discord.