The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
Get 10% off for life This will be phased out this week, was changed to 10% and will be expiring mid-week. I always do this discount right after a price increase for those that just missed the increase.
The plan for today was extremely straightforward, but it doesn’t mean that trading during cash hours was easy. The only trade I was looking for was a look above and fail or a look below and fail of the box on PPI data. The box range 5232.75 to 5264 was in last night’s free section and is below along with last night’s commentary and trade setups:
Once this plays out, the day is a long until proven otherwise. Any shorts should be considered scalps only. There was choppy grinding up toward 5260 where the bulk of profits should be locked near the top of the box at the close of the IB (Initial Balance- first 60 minutes of trading). This did turn out to be a significant swing high.
From here the day got a bit awkward. It remained a long but mostly grinded in a downward consolidation off 5260. For anyone long from premarket in the low 30s there was never a sweat for runners, but cash hours traders may have had difficulty navigating into a long. Buyers would remain out of trouble as long as 5239-42 held. After grinding lower for 3 straight hours, price looked just below 5242 (5241.25 cash hours low) and ripped straight higher, breaking the top of the box very late in the day.
CPI in the morning will determine if this late day move is sustained, but as of now bulls are firmly in control.
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.