SPX SPY ES for 5/16/24
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 expire tomorrow. I always do this discount right after a price increase for those that just missed the increase.
The overnight action on SPY 0.00%↑ was relatively muted but it is key to point that yesterday’s single prints held 2 back tests before data was released. If you aren’t familiar with single prints, I describe the concept briefly HERE. Those single prints sat just above the top of the box (64).
The rest of the day was a clean trend day up.
SPX opened just below its prior all-time high and right at the top of the box you’ve seen on this chart for some time. With the index in price discovery there is no reason to think a short is anything more than a rotational scalp and should generally be completely avoided.
We have jobless claims in the morning. It will be difficult to derail this move in a single day. We will plan both for dip buys on a bearish response to data, and how to play a gap up.
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.