SPX SPY ES for 5/6/24
Reiterating that this weekend’s price increase (tonight) will NOT affect current subscribers. You are locked in for life. I continue to get questions, but no future price increase will affect current subscribers.
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
Our bias Friday on SPY 0.00%↑ was toward longs if we held ES 5100-5105 overnight, with bullish continuation if NFP took us and held us in the 5130s. The bulls did their job perfectly. From the Thursday night plan:
While many of us took a reactive short off the ISM, the second chance long entry was provided in the Discord. It is often the case that the overnight session (especially if there is data) steals the trade. On these days I do my best to at least provide one trade setup intraday that is low risk, high reward. At the least the long setup provided an opportunity to cover any shorts. The point at which the selling pace slowed on the approach of the IB low, the look below and fail became increasingly probably. Five minutes later it triggered and resolved for 35 handles with zero drawdown and not even a 5-minute reversal for 35 minutes.
As mentioned in the weekly plan, the bulls are approaching a critical test here. We have seen no sign of meaningful sellers since our big seller covered Thursday, leaving a massive excess low. Will he show up this week to defend this key area or are we headed to 5300s this month?
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.
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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.