Week of 9/1/2024
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SPY 0.00%↑ did a whole lot of nothing this past week when all was said and done. We had closed near the top of the box last Friday, looked above and failed on Monday, looked below and failed on Wednesday, and have close at the top of the range again just a bit higher relative to last week’s close.
We STILL have a box. If you missed my free video on how to play boxes, it can be seen here LINK to Box Trading
It is easy to get bearish when price is going down, and bullish when price is going up. For the last couple of weeks I’ve done my best to temper bearishness as we approached range lows, and to temper bullishness as we approach range highs. If we see a clean upside breakout from here matters become relatively straightforward. Otherwise we could look above and fail (we’ll discuss where in this week’s plan) or we could trade lower into the Tuesday open and stay within the box. I’m sure many of you are tired of this range. It is a day trader’s paradise but may have been quite terrible for swing traders looking for a break of one side or the other.
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