SPX SPY ES for 6/10/24

Take Your Shot Here Sellers

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

Keep an eye out for setups playing out on QQQ 0.00%↑ IWM 0.00%↑ GLD 0.00%↑ SLV 0.00%↑ USO 0.00%↑ from Supplemental Trade Setups

On SPY 0.00%↑ we were looking for a look below and fail of Thursday’s low on a bearish response to data. If bad data and a bearish response can’t find traction below a prior day low (or VAL) then there is only one direction to go-up.

The look below and fail played out perfectly at the open. Sellers had already shown an inability to defend Thursday’s low premarket. The cash hours opening drive lower therefore ended up as a higher low relative to the overnight low and Thursday’s low was quickly reclaimed. While the bigger picture target is 5392-94, it became reasonable to target the premarket high for day trades:

This played out within an hour for 35 handles in a relative straight line.

The rest of the day was relatively choppy as buyers continued to fail in the 5380s. An RTH excess high was left on both ES and NQ which is the first time that I can recall in some time. If you aren’t familiar with the concept of excess, you can read about it free Excess/Non-Excess

Because of this it could be an open invitation for sellers to make an attempt prior to FOMC and CPI. We’ll see if they have any more success than they have recently.

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