SPY/ES Plan for 8/20

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The weekly plan should be read and the weekly video should be watched prior to reading this post. Weekly Plan

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.

The panic chase continues on SPY 0.00%↑

For today we were looking to be long if ES 5571 held or (even better) if we saw a look below and fail. The European session saw a beautiful trap below 5571 and it was effectively up only from there outside of a couple of call liquidations. The 10:15 liquidation was the nastiest looking but never threatened 71 (cash hours low 73.5). The look below and fail of 71 ultimately produced 60 handles. So far.

Tonight’s plan will discuss where dips are likely to be bought tomorrow and what to watch out for to know it may be time to hold off on buying the dip.

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