SPX SPY ES for 6/6/24

Wen Moon, Wen Lambo?

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

The last few days in this section we’ve discussed the importance of the 5305-5308 range. The spot had capped the upside from Friday afterhours until Tuesday with only brief excursions higher to 5312/13 that had been sold back below. Today we opened on a true gap up and thus true gap rules applied. These were reiterated in the Discord. With inventory (positioning of traders) absolutely max long into the open, a liquidation was no surprise. Premarket traders were well trimmed on longs and this pullback gave cash hours traders an opportunity to scalp a short or simply wait for a long.

Discord screenshots are EST-3 (yes, I’m awake and updating at 4am.

You can see the opening drive lower which was followed by an additional liquidation on the ISM Services release. This took price right to the key 5305-8 range where a ferocious bid came in and snapped price right back above the prior two-day highs. You can also see that all trading overnight had taken place above 5305 since 6:35PM last night.

Once 5305-5308 (we used 5307 for today at 6.5 was low of day), this implied 5342 and 5349 so there was nothing to do but hold long and force sellers to prove something.

The new Discord process is nearly full automated and keys off of stripe. Once a stripe transaction is posted, new subscribers will get the below email with instructions for access. Members will be automatically removed from Discord the day after their Substack subscription expires. Substack usually offers a bit of a grace period following a billing failure to allow members to maintain their legacy pricing and a fresh invite should generate once billing is updated. To reiterate from previous posts, any trial that is offered on Substack does not include Discord access.

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