Week of 12/10 for SPX ES SPY
A Couple Index Swing Ideas at the Bottom
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On Last weekend’s post, Seen HERE we were skeptical of the move higher on Friday 12/1 which I categorized as a weekly spike up away from value. Thus we were aware of the possibility of early weakness to 4575-77, with continuation into the 4550s if lost and we caught an amazing short on Monday.
We were also aware of the possibility of an outside week (ESZ came within 4 handles).
Specifically because we did NOT take out the highs of the prior week first, we then knew on Monday night that we would rip right back up to the weekly spike at 4593-97 if sellers didn’t find immediate continuation lower and we caught a nice LONG on Tuesday. From Monday night’s post:
The full post can be found HERE
On Tuesday there was no post because of my wife’s birthday. Asia futures absolutely ripped higher. I posted in the discord in the evening my spekticism of the move and the prospect of an outside day down. We indeed got just this on Wednesday and nearly everyone in the discord caught the short which had nearly 50 points available.
Once again, we had a Friday attempted weekly AND daily spike up. Will I assess this spike as likely to be rejected as well, or is context different in this situation? Let’s discuss!