SPX SPY ES for 8/11/24

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

On Friday we were expecting the potential for 2-way trading on SPY 0.00%↑ and we certainly saw that, especially inclusive of the overnight session. Part of the reason for this is the intermediate time frame short setup against short time frame bullish structure. While mostly rangebound, we had and have made daily higher highs and higher lows since (haven’t taken out a prior day’s cash hours low). While the short setup worked quite well (especially overnight), it was ultimately the long setup that was the best trade for the cash hours session. This is yet another great example of how most days, both sides can make money with execution at solid location. The long setup:

From there it certainly wasn’t a straight line, but runners were never threatened to the last target of 5385 as we continued to see higher lows.

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