Week of 7/6/2024 for SPY SPX ES
Look Below and Fail Goes Upside Box Break
Please click below for Discord access
Last week for SPY 0.00%↑ we were monitoring the box on ES. We used 5510 as the bottom of the box and 5585 as the top of the box. There are effectively 4 trades we look for with these boxes. As we had closed Friday near the bottom of the box, we were monitoring for a downside break with continuation or a look below and fail to start the week. As we favor continuation in the direction of prevailing trend, a look below and fail of the box was by far the best setup for the week. We were monitoring 5500-5503.5 for the potential look below and fail.
Low of week was 5502.75, producing the look below and fail of the box. Price ripped back to and thru the top of the box to new highs. The top of the box was back tested on Friday from above and price has now made a higher high.
For this week we will monitor if this upside box break is sustained following the holiday week.
We were able to throw in a nice trade on AMD 0.00%↑ as well this week which was posted as a free (non-paywalled) video post. We were looking to enter a swing on dips Wednesday for a potentially very large move thru 167.27 to the 172.62-173.15 range as a first stop. Entry setups were posted Wednesday both on X (free) and in the discord. From an educational perspective It is worth reviewing the video next to the 5-minute chart and my play by play on X. The link to the video can be seen below the image.
Free AMD Video Post
Zoomed out. Didn’t include much beterrn 167.27 and 172.62. Will update if we clear that range but you’ll see why in the video Zoomed in
Be sure that you have read the free series I’ve started introducing Volume/Market Profile. I will continue to add archives of free content as it will be easier to find than searching for old Substack posts. You can find it halfway down the page at the following link PharmD Capital