SPX SPY ES for 6/7/24

Today's Lambo was a Lemon, Can I get a New One on NFP?

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

Before getting into SPY 0.00%↑ let’s recap the PLTR 0.00%↑ trade setup and execution. PLTR was trading in a 3+ week box with the lows near massive and critical support. I was loading the box, but the breakout trade made for a perfect #TradingDoggyStyle trade.

PLTR broke out of the box and back tested it perfectly on Wednesday (after a bunch of late Tuesday and Wednesday premarket selling at the box top) and has been on an absolute tear since. It is into significant resistance here but finding bids above $24.30s can open up significant additional upside.

Keep an eye on #Diary-Calves-Central and #Swings as GC GLD 0.00%↑ and CL XOM 0.00%↑ and YM DIA 0.00%↑ charts posted yesterday also provided great trade opportunities.

Last night’s SPY 0.00%↑ plan subtitle “Wen Moon, Wen Lambo?” had a question mark for a reason. We closed Wednesday into pretty massive resistance. That said, Wednesday’s multi-distribution trend day up was a pretty strong profile and thus downside traction from sellers was unlikely. Thus, we ended up with chop/consolidation. Direct upside continuation would have been more likely if we had traded lower first and found a support. However, both the overnight and the cash session looked above and failed Wednesday’s high. This triggers weakness, and taking longs will require additional patience:

Once the look above and fail played out, the action was grinding to the downside and attempts at longs yielded very few points. We did take a reactive long in the Discord after selling got a bit extended. I started watching closely looking for a setup at 12:15 and we finally got a clean one right at 1pm. We got a clean box setup with a 5-minute re-bid inside of it. This is classic #TradingDoggyStyle. The re-bid entry gave us 2 handles of risk (we didn’t need it) with a reasonable expectation of getting 12 and possibly much more. Unfortunately, it only got 10 handles, but price was straight up in a very sweat-free trade until sellers defended VWAP which is always one of our trim targets in a value reversion trade.

The VWAP defense by sellers produced a lower low, only to fall into the long that most everyone probably wanted today, the back test of 5349. I preferred a quick trap below 5349 to 5344-46 and today’s low fell at 45.25.

Today’s low fell at a rather critical location and we still have serious overhead resistance. NFP is in the morning

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.

Seats are once again available for Trading Doggy Style school. Learn more here: Learn it For Yourself

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