Week of 3/03/2024 for SPY SPX ES

IMPORTANT THIS WEEK

I will continue to use the current (March) ES contract for levels through Friday. Trading View will change ES1 (front contract) to the June contract on Thursday at 1800 EST open and thus will affect Friday trading. One can use ESH2024 on Friday to have these levels apply.

In last week’s plan I mentioned that I was swing short from 5021.75 looking for a 5066.5 retest with the possibility of much more if that retest did not hold. I mentioned in was a lower probability trade (particularly seeing major follow through below 5066.5) but had a very high potential R if 5066.5 was indeed lost. From there we were on watch for a big long setup on a trap below 5066.5. This played out exactly. Since I got Covid on Tuesday, I simply scaled out of my short on the way down and trailed out on runners on the way up without joining for the long.

I’ve copied and pasted my commentary from the paywalled section so you can see and learn from my thought process in action vs how it played out.

You can see how the loss of 5091.5 (we had used 5089.5-91.5) and the rejection from below triggered the continuation short to the 5066.5 back test. You can also see that it was as difficult as advertised to navigate into the failed breakdown long on an intraday basis. Once 5089.5-5091.5 was confirmed as support from above, the real squeeze was on.

I come into the week with no position since I’ve been sick. At this point there is really only one scenario in which price could become bearish. We’ll of course prepare for this in this week’s plan just in case but will plan to remain bullish on price until something changes.

A few notes that I would encourage newer and potential subscribers to read first:

-To learn more about my trading style, please see my recent post “What is Trading Doggy Style” click HERE.

-Discord is currently still available (Free and included) for new subscribers but this may change soon. If you are looking for Discord access, see below instructions. Be aware it takes a few days to validate user info and gain access so please be patient. If you don’t have an invite link after a few days please check your spam folder. Instructions for access are HERE

-I recently created a lower price/content substack for those that don’t have the time/bandwidth to trade regularly but want to stay in touch and learn. For details click HERE