Week of 12/24 for SPX ES SPY
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Last week I posted a couple of downside levels that I would be watching. I would have preferred they played out early in the week so build out the profile before making a new high. I believe doing so would have made for a more durable high. As it is we traded higher first directly, and part of a result of that overextension we saw a large liquidation on Wednesday into the 4746.5-4747.5 spot (4748 low of day during cash session). When sellers attempted to defend on Thursday, the 4755-58 spot held for a higher low and we retested the top of the range on Friday. From last week’s post which can be seen HERE:
On Wednesday I sniffed out the sell but won’t pretend I expected 80+ points. Knowing the possibility of an unwind and seeing an initial trigger for the trade gets me in, and from there it is trade management for runners after initial target is met. Instead of recapping I’ll repost the fun little video I did for the free side HERE. On the private video I explained why we were likely to bounce from 4747.5 (aside from the discussion of it in the weekly plan) and possibly retest all the way back up into the 4820s by Friday seen HERE.
On Friday, sure enough, we retested our 4821-25 spot straight off of long setup 1. Both versions of long setup 1 actually played out so there were two opportunities to enter before cash opened. Seen HERE
Will we continue to build out this range this week or do we break one way or another before the new year?