SPY/ES Plan for 8/19
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Last week’s free video still generally applies so if you are not a paid subscriber feel free to refer back to last week’s plan for a refresher on the upside from here.
On Friday the plan remained the same. Buy dips. We were cautious as we approached the 78-92 range with our major 5585 level sitting in the middle of it. Overnight traded up to 5583.25 which triggered weakness for the European session. Testing higher first and failing (especially above the prior day high) is always a bit more bearish so our first dip buy area of 5548 (47-53) didn’t hold overnight. Sellers got a bit out of line just before the open, briefly sweeping our next spot, 5540. Both were reclaimed quite quickly and the cash hours low was put in at 5547.5 in the first 5 minutes. After failing at Thursday’s high precisely (this is NOT bearish to me- it is more bearish to look above and fail), the 47-53 range held a higher low (51.75) and the pattern of higher highs and higher lows continued. After reaching the major 5585 spot we saw consolidation between Thursday’s high and 5585. As of now it looks like bullish consolidation just below a major resistance. I would leave Thursday’s high 5571.75 (call it 71) on your chart for this entire week.
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