SPY/ES for 8/27
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If you watched the free videos included in front of the paywall yesterday, you were hopefully prepared for the possibility of a look above and fail today. We took out last week’s high, reversed hard, and started working back down the box.
The relative weakness from tech on Friday, along with the selling we saw AFTER JPOW (at least initially) had me a bit cautious into today. Fortunately, regardless of our bias we can at least stay out of trouble by reacting to these trade setups. From last night’s plan:
Buyers initially defended where they had to in order to potentially negate the look above and fail- 5627. However, sellers defended a key intraday profile characteristic at 46 and made a lower low. Bulls were able to close back over 27 (37.25 4pm close) and we’ll see tomorrow if sellers show up for some follow through.
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To learn more about how I trade, see the post “What is Trading Doggy Style” Here