SPX SPY ES for 5/13/24

The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.

Get 20% off for life This will be phased out this week, changing to 10% on Sunday night and then expiring mid-week. I always do this discount right after a price increase for those that just missed the increase.

As mentioned in the weekly plan, Friday saw a bit of a long liquidation. This need not be bearish. Buyers had gotten a bit ahead of themselves, ran into some serious absorption by a decent sized seller, and consumer sentiment was quite bad. It would be a good replay to watch if you aren’t familiar with what absorption looks like in price action. It is more easily seen real time on a DOM/tape but it was quite plain in price action.

On the liquidation, Friday’s low held to the tick at the first reasonably supportive spot off Thursday’s profile at 5232.75. Strong initiative sellers were absent, and price spent the rest of the day making attempts to grind higher.

If fresh initiative sellers arrive Sunday night/Monday, then we can perhaps see a deeper pullback ahead of Tuesday/Wednesday data. However, in the absence of this, we can expect a b-shaped profile retrace on Sunday night/Monday. If you aren’t familiar with this concept, see my free YouTube video on P shaped profile breakdowns and flip it upside down. P breakdown

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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.

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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.