SPY/ES for 9/12
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Anyone telling you today’s action was just another normal day in the market is being a bit disingenuous. Intraday volatility has been extremely high and volatility works in both directions but today was quite wild. We were monitoring Friday’s range as a 3-day box on $SPY. On a failure to sustain above 5501.25 ES (yesterday’s spike) we were looking for weakness and potentially an engulfing day. We engulfed down and engulfed right back up 😳
The early
weakness made it all the way to the bottom of the box and incredibly price ripped from the bottom of the box to and through the top of the box. I’m not going to pretend for a second that I expected both the down move and the up move today ahead of time but I do believe it is readily explained.
In tonight’s plan I’ll discuss what I believe happened today but it plays in to much of what has been covered in recaps since late last week.
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