SPY/ES for 8/30
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I did a podcast on Tuesday 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: PODCASTLast night’s commentary, which was free, started with “box is box. That is all.” It was stated that bulls had to reclaim 5571-73.5 at minimum to mitigate the weakness (it was trading high 60s at the time of writing). The box range we’ve been using is 5585 to 5655 roughly and mindful of excursions to 5665 at the top end and down to 5571 on the low end. This is basically Last week’s cash hours range. The overnight session tagged the 5561 level, reclaimed 71-73.5 AND 5585 rather quickly and an overnight squeeze was underway. Price made it to 5655 relatively easily, saw another excursions higher into the 60s and it was again smashed down. Since last night’s post didn’t have a paywall you have some of the levels within the range we are monitoring. We’ll tweak them a bit for tomorrow but still . . . Box is box.
I will get into my intermediate time frame view on the index in tonight’s post as we are seeing some similarities to another period from this year.
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