SPX SPY ES for 8/6/24

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

In the SPY 0.00%↑ plan for today (above the paywall) I suggested that we were headed lower. The only question for me was whether we saw direct continuation today or a relief rally. The answer was made clear today, and we resolved to my ideal target for this leg down and the last weekly level of 5122-27 (overnight low 5120). I would have preferred a relief rally first. Getting there today you saw all the broker issues and many of us had difficulty taking the actions that we wanted to.

Many of us were short for from Friday in the 5370s and many of us were short during the overnight session.

I mentioned this morning after we took covers on the way into the 5122-27 test that I would deploy some cash and monetize my hedges. This proved a bit difficult with 2 of the brokers I use being down and I hope nobody was hurt by this.

NVDA 0.00%↑ hit the 90.9-94.8 spot that many of you have kept on your chart since I first mentioned it. I was unable to buy it because of broker issues but I know a number of you did. It is trading $103.5 after hours as of this writing.

We are seeing massive volatility and massive ranges even for 5-minute candles. We have now had (globally) 3 circuit halts that I’m aware of and I expect more- in both directions. This isn’t particularly healthy in markets regardless of the direction. We will be prepared for both directions tomorrow. After hitting my final target for the week, it is hard to want to pile in short right away, but I do believe we will see very large moves both directions in the coming sessions.

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