Week of 5/19/2024 for SPY SPX ES

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SPY 0.00%↑ made a new ATH in a manner much more significant than ES. However, ES has decayed nearly 30 handles since its prior RTH ATH of 5322.75. After opening inside the 5157-5257.25 box it ripped straight to the top this week and found resistance at the bottom of its ATH box (5263-5322.75 if using RTH only). Tuesday broke into this box and Wednesday ripped right to the top and to new ATH (inclusive of its prior afterhours ATH). It is now consolidating right at the top of this box. Again, SPY and SPX are well above their prior ATH boxes, with Wednesday’s low effectively right at prior ATH.

QQQ 0.00%↑ continued its march to the top of its ATH box and gap opened above it on Wednesday, holding it on a backtest. Friday’s low held just above prior ATH.

IWM 0.00%↑ (using RTY again) consolidated just under 2100 resistance and the bottom of its 1 year box (Jan 2021-Jan 2022) and broke into it on Wednesday. It is attempting to hold within this box as of Thursday and Friday.

DIA 0.00%↑ YM struggled with its ATH box early in the week but cracked into it on Wednesday and it making its way to ATH. DIA has cleared its ATH box and is sitting just on top of it. Both charts posted for this reason.

Everything looks quite constructive here. We did notice some weakness on Thursday and were looking for a liquidation Thursday afternoon into Friday which we got. We were there to buy that liquidation. Though bulls look firmly in control, we will be on watch for what might change that in this week’s plan. If anything, this helps us to manage risk on longs.

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