SPX SPY ES for 7/22/24

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The weekly plan should be read and the weekly video should be watched prior to reading this post. Weekly Prep and Video

I’m keeping the recap short for today. The market is in a vulnerable position here and the start to the week is absolutely critical. My eyes will be on the first move and the reactions at those areas covered in the Video.

On Friday we were bearish below 5617.5-5622.5 and the overnight high barely made it to our 5607 level. Cash hours opened and made an attempt for the overnight high, failed, and resumed its aggressive downtrend trading once again through its overnight low. This is a simple reference that can be used to gauge the strength or weakness of a market. Are cash hours participants willing to buy above the overnight high or willing to sell below the overnight low.

We did take a fun little long at low of day but any long is to be treated as a scalp until there is some strength in the market.

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