The Week Ahead for SPY/SPX/ES
Week of 10/6/24
We remain long AAPL 0.00%↑, GOOGL 0.00%↑ NMM 0.00%↑ MO 0.00%↑ and started scaling into a Bitcoin position last week. Many of us are swinging SPY 0.00%↑ long as well from near the Wednesday low, and some from Friday’s breakout. We will continue to monitor for occasional non-index swings as opportunities present.
I will be out of town this week. We will still have daily plans, but I’ll be less active in the Discord. Because of this I’ve decided to turn on trials as I’ve done in similar situations previously. As is always the case, a trial will not include Discord access.
I did write a non-paywalled post on how I convert a day trade to a swing trade. This allows me to take advantage of my precision day trade entries, protect the position, and let a position run. It can be read here Converting a Day Trade to a Swing Trade
This week was a fantastic example of why I do the above. On both Thursday and Friday, the technical validity of the Wednesday swing long attempt was threatened. By having my primary day trading vehicle available to me it gives me some flexibility in choices. I was personally shorting on Thursday and early Friday. As my day trades carry more leverage than my swing trades, I am making money, and it allows me to continue to hold the swing instead of having a fear of giving away gains.
I will be doing more free and paid posts such as this in the near future to serve as a bit of a “starter kit” for subscribers.
Last week we took out the prior week low and overlapped value lower. This is the first requirement that must be met for me to consider a trend change outside a sudden catalyst. It doesn’t mean the trend will change, but it certainly can invite some additional seller participation. The week closed strong after showing some early weakness. We now have a two-week balance, and buyers are positioned for an upside breakout. However, we continue to see some signs of caution that we will discuss this week. We remain long, and we will be able to flip our bias quickly if things change.