SPX SPY ES for 5/10/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
Coming into today we favored buying dips near 5200 or ideally on a look below and fail. This played out premarket and from there any plans to short the top of the range (18-22) were downgraded. The three best long entries for today are also outlined below with the chart at the bottom.
From there the question was where to join the rally if one trades only cash hours. The first opportunity is in the above screen shot. We had been monitoring 5-7.5 the last couple of days and the low of the data candle sat at 4.75. Dips were indeed bought above there as ES only traded 2 ticks below 4.75 before ripping to new highs.
Trimming longs was suggested when the 5232.75 swing high was made, and a reload opportunity presented on a back test of the IB high for those so inclined. Unless sellers got through 18-21.5 bulls had another chance to retest high of day:
Seats are once again available for Trading Doggy Style school. Learn more here: Learn it For Yourself
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.
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.