SPX SPY ES for 8/8/24

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

I said in last night’s plan that today I would either be flat or looking for shorts. This probably seemed pretty foolish today as we ramped all the way to 5359 today. We now just closed after hours at 5202.25.

I didn’t get my planned setup given the huge overnight ramp on the BOJ news but this ramp was clearly just an opportunity for sellers to sell higher. The box breakdown was the trade today which then triggered a P shaped profile breakdown and then bear flag breakdown. I’ll do a video later tonight explaining this and it will be free.

The overnight session tonight may get interesting.

The first 5 parts in my free series explaining some basic profile concepts is now available at www.pharmdcapital.com. Click PharmDCapital This section and other free material will be added to over time. Scroll down to the “Want a Taste” section to read it.

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