Week of 8/11/2024
Is it "Just A Lower High Brah?"
Please click below for Discord access. Be sure to check your “junk” folder for the invite or sign up link.
Be sure to read through as I included a brief video on the path to new all-time highs for SPY 0.00%↑ above the paywall. It includes some potential traps for this week along with areas where I believe sellers will defend to make an attempt for new lows.
For last week’s plan we were looking for lower prices. The only question was whether we saw some relief first or direct continuation lower. I was ultimately looking for this leg down to see 5174-5185 and ideally 5122-27. While I would have preferred some relief first, we sold directly, and last week’s low was 5120. This all came Monday on a massive sell on Sunday night which made things difficult. VIX hit 65 (should have an asterisk), brokerages failed, it was quite a mess. The plan Monday premarket was to add long exposure across accounts, close shorts, and monetize hedges.
From there SPY 0.00%↑ mostly chopped in a range but to the upside. The weekly candles on ES and NQ look quite strong but are coming into a major area. Weekly market structure has been violated but last week’s low offers a potential monthly higher low.
As my STRAT friends like to say, “nice broadening formation ya got there>”
Here is a link to the free video for this week The Path to New Highs
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