SPX SPY ES for 5/22/24

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

Our top-rated trade SPY 0.00%↑ setup for the day was the look below and fail of Monday’s low. Monday’s low, 5323.75 sat right at our key level of 5322-24 (23.5) making this a strong setup. This trade went 15 handles relatively directly, and ultimately resolved for nearly 25 with no major swing low violated.

We did have a short scalp available but my preference to remain long (if long from the above setup) with profits taken into 36/37. Runner from an entry in the low to mid 20s was never threated on this minor short.

After last Wednesday’s large move higher, the market has chopped around/balanced for 4 days and is primed for a move with FOMC minutes and NVDA earnings tomorrow.

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.