SPX SPY ES for 6/4/24
The full weekly plan and commentary should be reviewed ahead of this post and can be seen HERE.
Limited recap today due to the hospitalization of a family member. The look above and fail short setup played out early and the day was a continuation short until sellers exhausted out. Anything beyond 5270 was a bonus for runners.
Bulls ultimately snapped price back up in what was almost a mirror of last week. Value developed lower and lower all day (like last week) until sellers exhausted out and nearly the entire move was retraced. It was eerily similar. Once the 53-64 was reclaimed and bid, price rallied continuously into the close, ending with a bit of a squeeze. The low today was a fantastic low, as was Friday’s. Let’s see if bulls are ready to press here or if additional back testing is needed. JOLTS and factory orders tomorrow at 10:00
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