SPY/ES for 8/23 Jackson Hole
The next 100+ Handles and Update on Crude Trade
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I’ve done a video post for tomorrow’s plan here. LINK
We took a long on Crude Oil futures last night. I’ve created a new room designated for specific trade setups and trade entries I take. This way those that work and need to keep the day trade commentary muted don’t miss out on bigger swing trades.
The trade idea was posted at 11:25 EST, crude then traded down to 71.60, then ripped in a straight line to 73.5.
The weekly plan should be read and the weekly video should be watched prior to reading this post. Weekly Plan
From last night’s plan in front of the paywall:
And behind the paywall it was more of the same- caution against chasing any rips above 5643.75 (particularly the closer we got to 5671), with focus on buying dips. I was pretty certain that the recent 5613 buyer was exiting on rips into the 40s and 50s.
Trading lower first and buying the dip was the preferred trade. We traded above 43.75 overnight and failed but held 5631.5 as the overnight low (31/32 potential floor). From there the Europeans took the entire long, reclaiming 43.75 and taking out Wednesday’s high. ES traded to 5665.25, and again failed above a prior day high. What do you know, the buyer was nowhere to be found after this
This was the first decent performance we have seen from sellers since the 5120 low. Tomorrow will be key in deciding the next 100 or more handles.
Many of us are long from today’s last minute failed spike down attempt from sellers, but we will be prepared to flip short if appropriate.
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