spytradingpro

spytradingpro

Recap The post-FOMC session was marked by massive bi-directional moves, ultimately favoring the bears. Despite a promising 40 point overnight rally, the breakout turned into a failed breakout, erasing a week's worth of gains. This may be the setup bears have been waiting for. Markets Overnight 🌏 Asia: Mixed but China strong 🌍 Europe: Up slightly 🌎 US Index...

spytradingpro

Recap Yesterday's FOMC session in ES was typical for those familiar with trading these sessions. Despite being defined by traps and volatility, there were several lucrative setups. We sold down to 4580, then right after the FOMC meeting undercut it by a couple of points, reclaimed, then put in a fantastic 25 point squeeze to ~4603 resistance, before rejecting...

spytradingpro

Recap In the last week, ES built a sideways base after a steep rally, forming a new chart pattern between 4590s and 4560s. Yesterday, we saw a breakout and a continued upward trend. This pattern was a triangle with a bullish breakout bias, which broke out this morning at 4590, starting a push higher. However, there is concern as the breakout occurred before the...

spytradingpro

Recap In my last newsletter, I predicted a bounce from 4564 back to 4580-90, and this played out perfectly yesterday. ES has now put in 5 daily candles stacked side by side, suggesting a large move is incoming. We are now consolidating for the next big move, with the FOMC on Wednesday being a potential catalyst. Markets Overnight 🌏 Asia: Mostly up, China up...

spytradingpro

Recap Over the past 1.5 weeks, we've seen a significant long trade from 4420 on June 10th to 4585 this week, thanks to the market’s 8 straight days of higher highs with nearly no pullback. However, on Thursday, we lost the first major support in 1.5 weeks, triggering the first short in the same time period for ~30 points, before bouncing. We're now in what I call...

spytradingpro

Recap For the first time in years, the market has seen two continuous trades without stop outs. Long 4420 on July 9th, with a trailing stop kicking me out last Friday at 4538 (trade 1, 113 points). Then this week, long 4533 on Monday, with trailing stop still going for 70 points, making these the best trades of 2023 by a very large margin. The Markets...

spytradingpro

Recap Yesterday, traders saw the power of simple, classic chart patterns in cutting through the immense amount of noise in the market. On July 10th, we tested the support of a perfect 3-month ascending triangle at 4420, triggering initial longs. Since last Wednesday, we've been squeezing for the best trade of 2023. The Markets Overnight 🌏 Asia: Mixed 🌍 Europe:...

spytradingpro

Recap Last week saw an incredible 4.5-day rally, the steepest of 2023. This was driven by a perfect classical chart pattern, a 3-week long ascending triangle, that broke out on Wednesday. This resulted in my longest consecutive long of 2023, buying last Sunday at 4420 entry provided and not triggering my trailing stop until 4538 late Friday. The Markets...

spytradingpro

Recap Last week was a remarkable week, with the market dictating an exceptional, uninterrupted position from Sunday until late Friday. This steep uptrend was triggered by a perfect, 3-week ascending triangle, starting at 4420, with a 4485 breakout level and a 4575 target. This move was extreme and euphoric, with risks attached. The ability to draw lines, tune out...

spytradingpro

Recap This week was another successful one for classical technical analysis traders. The week's movements were driven by a simple, textbook ascending triangle structure, which I have been discussing since Friday. I took a long position from 4420, which is now up over 100 points. This entry point was chosen due to its support of the large triangle structure. The...

spytradingpro

Recap In last week's newsletter, we highlighted the rally from 4420 to 4500+ as one of the biggest point moves of 2023. The market had built a classic ascending triangle pattern with 4420 support and 4490ish resistance. This week, the market dipped to 4420 support, ran to triangle resistance at 4490 before the CPI release, and then broke out yesterday, squeezing...

spytradingpro

Recap Last week, ES experienced a deep late-day flush from the 4467-73 target area, landing at the 4420 level. Despite a 30-point rally, ES has largely remained stationary since late June. This period of range trading, between 4420-4490, is likely to continue for some time, providing a level-to-level day trader environment. The Markets Overnight 🌏 Asia: Up...

spytradingpro

Recap Last week was a testament to the power of simple technical analysis. We saw a fantastic continuation off the 4420 level last Friday. As predicted, we based under 4450 all morning, then ran to the 4467-72 target, then dipped. We broke out 4420 last week, rallied, then backtested last week. However, it's not quite "all clear" for new highs yet. The Markets...

spytradingpro

Recap Yesterday brought about the biggest dip in ES since April 23rd, which was then promptly bought up. A three-day flag pattern with 4464 support failed, triggering the first short in over a week. The selloff ended at the 4420-25 zone, which was the breakout origin point last Thursday. This represented a fantastic buy opportunity and the low of the day. Key...

spytradingpro

Recap Last week ES executed a fantastic 130 point squeeze, with a long trade from 4413 that trailed to a stop out yesterday. The past three days have been a complex trading period, with ES trapping both longs and shorts. The question now is when the next trend leg will occur and where it will lead. The Markets Overnight 🌏 Asia: Down a lot 🌍 Europe: Down a lot 🌎...

spytradingpro

Recap Last week we saw a massive 75-point one-day squeeze on Friday, following a long position at 4420 on Thursday. This was a rare occurrence, with moves of this magnitude happening on less than 3% of trading days annually. This happened due to a textbook bull flag pattern formed between June 16-26th, which then broke out at 4420 on Thursday. The Markets...

spytradingpro

Recap The past week has seen a strong bull flag pattern forming, with a breakout occurring late last week. This breakout led to a strong squeeze and a significant rally, demonstrating the power of simple technical analysis. The bull flag breakout is expected to target the 4560s, but the exact path to this target is unpredictable. We've also seen a continuation of...

spytradingpro

Recap In the last week, we saw the ES put in a 6-day buyable pullback leg, forming a textbook bull flag pattern. The bottom of this pattern was found at the 4372 support level, leading to a 60+ point rally higher. This pattern once again demonstrates the predictive power of simple chart patterns. We are now heading into a period of Holiday Trading, which is...