SPX SPY ES for 6/11/24

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

We were expecting some minor selling to come in to start the week following the excess high on Friday and we were looking to get long if we traded lower first. The overnight (premarket) saw a look below and fail of Friday’s low which later triggered a look below and fail of 48/49 which targeted 58.25 and 71.25. The open was a bit awkward as we opened back in Friday’s cash hours range and did NOT take out Fridays low (on ES we tapped it to the tick). Had we taken out Fridays low during cash hours before reversing then I expect we would have seen significantly more upside thrust right out of the gate. As it was the upside grind was relatively lackluster until the 49-53 range was bid from above.

While the short setup in the 70s worked nicely, it had to be presumed to be a scalp given sellers’ prior failure.

We sit in a 3 day volume balance and closed the cash session near the top of the range. Caution is warranted initiating new longs up here until an upside break is confirmed. In tonight’s plan we’ll outline where we will look to buy the dip, and where we would consider selling rips.

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