Week Ahead for SPY/SPX/ES

Week of 10/27/24

The PharmD_KS script in TradingView has been updated and will now support NQ. The updated link will be in the Discord

I did a separate weekly post for QQQ 0.00%↑ which can be seen here The Week Ahead for QQQ

Last week we were cautious into the week on SPY 0.00%↑ because of some warning signs from IWM 0.00%↑ and QQQ 0.00%↑ that I felt were under appreciated.

RTY broke down from the 2289-2309 range overnight on Sunday and failed a reclaim right at the open on Monday morning. It remained a bit of a disaster the rest of the week.

It is now coming into a critical area which is arguably the entire 2190 to 2205 range

DIA 0.00%↑ quickly went from “Wen Moon?” to “Wen McDonalds?”

QQQ 0.00%↑ is the most constructive, but it still rangebound.

SPY 0.00%↑ is sitting in what I call “stacked boxes.” If you are newer to following, it is a bit of a cautionary sign. When you stack too many boxes . . . sometimes they tip over. I’ll cover this in more detail below.

Yields and the dollar are absolutely screaming (perhaps overdone?) and volatility is extremely sticky (perhaps just the election?).

The differences between NQ and ES, along with the character of some of the action on Friday has left me skeptical of sellers. Outside of this I would be leaning quite bearish into this week. I have something I need to see on Monday from both QQQ 0.00%↑ and SPY 0.00%↑ buyers or I expect to exit my longs and flip short.