SPX SPY ES for 4/8/24
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.
After Thursday’s nasty liquidation, many were caught overly bearish on Friday. We, however, were not. From the Thursday night commentary
Once we opened, it was pretty clear that sellers were not in control and a trend move up was underway. There was simply no good short setup, and I even warned against attempting a short on a look above and fail of the IB high (first 60 minutes high) which is generally one of my favorite short setups:
There wasn’t a short until we reached nearly high of day when I called out a box setup 6 minutes before high of day just below our key weekly 5271 level:
The look above and fail of the box resolved for 30-35 handles depending on the entry.
We now have a THREE-WEEK box setup as posted in the weekly plan. Navigating into an entry for either a major swing short or swing long is likely to play out early this week. I am open to either and will play what is in front of me. I am personally open to one swing long setup and 2 different swing short setups that may present. As always, members who are bearish will know how and where to execute a short and members who are bullish will know how and where to execute a long.
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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.
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