SPX SPY ES for 5/8/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
In case you missed it, the video explanation of last Tuesday’s trade was posted and can be seen free here: 4/30 Trade
Today opened on a true gap up (above yesterday’s high) which has bulls firmly in control. We did finally see some real selling in the 5220s for the first time since last Thursday but for the most part it was passive selling and was likely just profit taking from some of the early longs from the 5030s and lower. The afternoon sell off was primarily a liquidation of later longs and need not be necessarily interpreted as anything bearish. Buyers ultimately defended just below yesterday’s high. Until sellers find traction below a prior day’s low, this market is still trending. Given the fatigue of buyers today it is possible that a further liquidation is needed if today’s break was not sufficient. Even further liquidation from here need not be bearish. In tonight’s plan we’ll discuss how we will handle a pullback vs continuation from here.
For those that missed the deadline for the price increase, I’ve included a discount as I always do that will be available for a short period of time for those that just missed the deadline. The link can be found here 20% off for Life
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.