SPX SPY ES for 5/31/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
SPY 0.00%↑ Brief recap here as today was relatively straight forward. In last night’s plan (including the free section) I included a picture of the box I’ve been referencing for 2 weeks. The box broke down overnight, was back tested at the open and we resolved to our 5252.75 level (53 was the morning low). Price rallied off 53 at the same time that QQQ 0.00%↑ NQ tagged its major 18620 spot and many of us hedged our shorts with longs or took longs outright. That rally made it less than 3 handles into the box, did not even make it to yesterday’s low (a cautionary sign for longs) and we saw yet another late day liquidation as a result.
While all of that is quite bearish, my favorite potential bear trap long setup is in a position to potentially trigger tonight/tomorrow morning on PCE. We will revisit that setup in tonight’s plan. Here is a general picture that should give bulls some hope. This spot really needs to hold.
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.
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