Week Ahead for SPY/SPX/ES
Week of 10/20/24
We have a new a new custom PharmD_KS script in TradingView for members to try out this week. I’ll have details below and in the Discord
I did a separate weekly post for QQQ 0.00%↑ which can be seen here The Week Ahead for QQQ
SPY 0.00%↑ Last week made it to 5920, our major target for the 5720s/30s swing long. As mentioned in the Discord, I took off all but 1/8th of my position at 5914 on Monday. From there we focused on individual names while the index consolidated. This proved rather fruitful as the swings were amazing while the index consolidated.
We took some profits on the Bitcoin swing long in the 67-68k from the entries in the 59-61k range and remain long.
The OKLO 0.00%↑ swing was the biggest winner for many, hitting all profit targets including the new all-time high target of $18.8 from our $9.40 average in a week. A small runner remains, and we can look for add exposure back on constructive dips or move on to the next.
LULU 0.00%↑ was another fast win taking it from $275.3 on Monday to $294 on Wednesday.
I did an update on the swings on Wednesday, seen here Swings Update
Since Wednesday we closed a couple and added a couple more.
As of now the situation in the indices remains the same. Sellers have accomplished nothing but give us dip buy opportunities. At some point that will change, but for now we will take longs at our key areas and get cautious into the highs. Once again, we have seen this pattern all year. We rip high → chop and grind higher → liquidate the late longs in a (usually) rapid pullback → we buy the dip. The key area for this past week was 5846.5-5849 and it held two tests to make new highs.
We can take selective shorts when these late longs liquidate like Tuesday, but until there is meaningful long inventory trapped overhead, we will not be regularly joining sellers.
As mentioned in the QQQ 0.00%↑ plan I do see some potential warning signs, but we will react if it plays out instead of attempting to front-run something that may or may not happen.