SPX SPY ES for 6/14/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
We only had 1 trade setup for today initiating inside yesterday’s range on $SPY. Other than that we were looking for look below or look above and fails. The inside entry played out overnight for 35 handles.
Once we were opening inside todays range (and had failed the 50s again), and particularly with the overnight action on IWM 0.00%↑ QQQ 0.00%↑ AND DIA 0.00%↑ it became prudent to wait for our next setup. The premarket commentary gives us our bias for the day, and keeps us from getting chopped up early.
Those that waited for the setup were rewarded-twice. The market was kind enough to put the IB low just above yesterday’s low to facilitate our long.
10 minutes ahead of the sweep of the IB low and yesterdays low the following was posted. By monitoring multiple markets (look below and fail 30 on YM and NQ holding yesterdays VAH) and waiting for the sweep of the lows (where a beautiful re-bid was formed) we got the thrust needed to get to our 26 and 29 targets.
Sellers showed up strong at 29 as expected, and a new low was made but was still within the parameters of our long setup as we were monitoring SPX 5400 and any failure to fill yesterdays Velocity Logic Gap (see CME site for an explanation of velocity logic).
One could have simply grabbed the long on the strong buy response at the lows, or waited for the back test of the fresh re-bid sequence (safer). Because of the presence of an internal megaphone we were looking for a higher high targeting 38/40, and final trims including a back test of the open and 47.5 if seen. The open was back tested right into the close to complete the trade.
The overnight trade ran for 35 handles, the first long 10-14, and the 3rd long 30-40 depending on entry.
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