SPX SPY ES for 5/29/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
SPY 0.00%↑ Today was indeed a rather choppy day as proposed on the weekly plan. The look above and fail of Friday’s high played out, along with the overnight failure to sustain a bid >5333 and weakness ensued.
Notice the opening 5-minute candle wicked through Friday’s high and was handily rejected lower. With bulls in no real technical danger, the BTFD impulse remained until the strong afternoon rejection of Friday’s high. Following this rejection we saw a significant liquidation. However, value for the day had been established far higher. Thus, short time frame traders snapped the dip back up for a full value traverse late in the day. If you aren’t familiar with these concepts, see the link to my free overview below the chart picture.
Simplifying Volume Profile Part I
I would reserve any bullishness on the late day rip as the factors that triggered the intraday weakness remain. Breadth did not partake in that rally at all.
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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.