SPX SPY ES for 7/3/24

The Weekly Look Below and Fail. AGAIN

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

I will be posting on AMD 0.00%↑ and PDD 0.00%↑ and possibly a few others later tonight

SPY 0.00%↑ and QQQ 0.00%↑ this week have been all about their respective boxes. Monday the trade was a look below and fail of the box on ES, and today’s trade was a look below and fail of the box. I was looking for 5501-5503.5 to hold and trigger a reclaim. The trade was recapped yesterday above the paywall and played out again today with today’s low 5502.75. Not that it was likely needed, but the reminder was given in the Discord at what was 4:56AM my time, 7:56 EST. The overnight low occurred at 07:53

Here is where we are in the box from the weekly plan.

The key for today was to take advantage of the participants who first demonstrated weakness. If we had traded higher first overnight and buyers had failed, we would have looked for shorts. As it was, the failure from sellers was quite spectacular and as expected, other sellers panic covered and bulls pressed.

Will be break out tomorrow or do we back test lower? We will be prepared for both scenarios

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To learn more about how I trade, see the post “What is Trading Doggy Style” Here