SPY/ES for 9/10
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I leaked in the free section last night that we were monitoring for relief following what appeared to me to be very obvious forced selling. Futures opened on a gap up and that gap never filled. This is a clue to strength of buyers/weakness of sellers that has previously been included above the paywall and should be locked away for future reference.
I said I would short the 5490s and it made for a nice trade as profit takes were encouraged in the 56-58 range. That pullback low was 57.25.
The bid in the 56-58 range was quite good which is what I wanted to assess there. After hours ran back up to 5490 and we start to get into real supply tomorrow much higher so bulls will need to be persistent tomorrow if we trade higher directly.
In tonight’s plan we’ll discuss areas where we would dip buy longs and where/why we might consider shorts.
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