SPX SPY ES for 7/16/24
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The full weekly plan and commentary should be reviewed ahead of this post. My NQ levels and a QQQ 0.00%↑ trade idea are included ABOVE the paywall. I covered IWM 0.00%↑ DIA 0.00%↑ and bitcoin along with SPY 0.00%↑ (though not in the same depth) WEEKLY PLAN
Today was a great day for some profit taking and it seems the index agreed as we hit 5718.
The Bitcoin trade continues to perform. If you took the back test of $57,206 from above then the trade has gone $6600+ never going red if you waited for the hold, and $38 against you if you bid the level directly.
XLE 0.00%↑ calls ran 79% from our entry at high of day. We took profit twice at both swing highs before the late day selloff on the name.
Many of have been in commons and in and out of calls since $21 as this name continues to pay.
Many of us traded POWW 0.00%↑ today as we expected a large gap up. We will continue to monitor this name in the discord.
The easiest and safest trade on SPY 0.00%↑ was the long of the 83/84 hold at 9:45/9:50. It had been identified premarket as a rotational trade from there to at least 92. It isn’t my style especially near the open but is an excellent type of trade for those who are active traders.
Many of us had shorted 98/99 as it was a pre-planned trade (though downgraded premarket). Covers had to be taken there if not planning for the long. Longs were trimmed back into the 98/99 spot with runners for 5708.25 and new highs.
This is a perfect example of how both sides can make money on the same day and even in the same 30 minutes.
As things were getting a bit frothy it was prudent to tighten up stops and avoid new money longs as I’ve been saying for a week. We took another trim at 5718 and 2 minutes later the market was 10 handles off the high.
The market is still objectively not yet a short. Most traders should be long or flat waiting for a long, but cautious initiating longs on rips higher for this reason.
To learn more about how I trade, see the post “What is Trading Doggy Style” Here