SPY/ES for 8/28
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I did a podcast today with my friend from
that I hope you find a worthwhile listen. His work is amazing, and he has been consistently spot on in his macro views and trade calls. You can check it out here: PODCASTThe action yesterday had me just a little bit cautious and I’ll share my thoughts from behind the paywall.
You’ll notice today’s low on QQQ 0.00%↑ was $471.71 and the Friday the 16th low was 417.65. You’ll additionally notice the action around ES 5613 which I discussed with
today. Whether or not sellers were willing to show conviction below 5613 has been and will continue to be critical to my read of this action.The trades for today were to short a fail or look above and fail of 5646 (we were using 46-49 as a range). The target was 5627 and a shot at Yesterday’s low. This played out overnight for 30 handles. This weas a great trade for the Euros. However, we once again saw sellers panic cover near 5613 both premarket and at the open. While the long setup was a look below and fail of yesterday’s low (5619.75), I was willing to fish for longs against the 5611.5 low, front-running a reclaim of 19.75. We continued to see 5646-49 cap the upside and the cash hours look above and fail made it to the 5627 target, but buyers defended to keep the action in the 27-49 range for the rest of the day. We will carry forward this 46-49 range into tomorrow.
PLTR 0.00%↑ made a nice little side trade today. Our setup from the weekend didn’t play out because of Monday’s gap down but we will keep eyes on it for constructive action moving forward if $30.35 continues to hold
We will reference excess (and non-excess or “poor”) in tonight’s plan and here is the relevant section on it from the below referenced series. Excess/Non Excess
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