SPX SPY ES for 5/30/24

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

SPY 0.00%↑ From the free section last night:

The rip into the close was indeed not bullish. We saw this at least twice in April that I recall mentioning. It is key to separate the short-term movements in price (especially very late in the day) from broader context. As of the time of this writing we have seen a significant move lower after hours, and we would be right to question this move as well. We have been considering SPX to be boxed. As of futures trading, the box has broken to the downside. However, cash hours matters most. Here is the SPX box we have been using. It is now reasonable to extend the bottom of this upper box to include Thursday’s low, or we can consider that a look below and fail. Either way, the 5258-65 range on SPX is key.

Breadth was absolutely horrendous again today, and again did not participate on index moves higher. Every attempt to get back into yesterday’s range was rejected, leading to a late day liquidation of the big 86/88 buyer.

Box is box and box rules apply. I have mentioned this week that there are a couple of bear traps that could play out on a box breakdown and I’ll discuss what those would look like in tonight’s post. However, I would mind the box as a default.

The new Discord process is nearly full automated and keys off of stripe. Once a stripe transaction is posted, new subscribers will get the below email with instructions for access. Members will be automatically removed from Discord the day after their Substack subscription expires. Substack usually offers a bit of a grace period following a billing failure to allow members to maintain their legacy pricing and a fresh invite should generate once billing is updated. To reiterate from previous posts, any trial that is offered on Substack does not include Discord access.

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