SPX SPY ES Setups for 12/7
I Did it, and I'll Do it Again
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This may look like the same recap from Monday Ionly the first par is) but please don’t skip it because it is critically important in what comes next.
In the weekly post I expressed my skepticism of Friday’s breakout and thus we were prepared for a nice short. I had hoped that we might first take out last week’s highs to give us the possibility of a proper outside week (take out both the highs and the lows of last week). I walked thru step by step how this would happen. We did not take out last week’s highs first, but instead we simply sold off directly and nearly all targets were met. I will discuss tonight why taking out last week’s highs first was relevant and how it allowed me to correctly predict that we would retest 4593-97 if sellers did not immediately follow through on Tuesday.
From the weekend post:
From Monday night’s post (no post last night):
Today we got the 4593-4597 retest (which I was skeptical of doing outside of cash hours) and nuked hard off of it, making new low of week.
The market was also kind enough to put major profile markers at all of our key levels today so tomorrow should be very easy for us to know where we’re at. We got our outside day down. So what comes next?