SPX SPY ES for 5/9/24

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

We began monitoring for a liquidation of late longs yesterday during the trading day as we traded 5220s. The possibility of further liquidation into today was discussed in the free section and planned for last night. We were prepared to buy that liquidation. From last night’s free and paywalled section:

Our long setup (the only one that set up as it was a true gap down) was to get long on a hold of 5185-87

The overnight low was 5188.75 and the market trended straight up at the open to 5217.25.

It was suggested in the Discord that longs be well trimmed at 5216.25 capturing almost the entire range of the day.

Following the failure to find traction above 16.25, the rest of the day sought balance.

The question for tomorrow is whether or not that was the extent of the liquidation and these are the stronger buyers that were needed to drive the index through Tuesday’s high.

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.