As always, these are quick and a little messy so you get in time. Because I had a full day off planned for the Bday, sending this to everyone so they have a sense of where SPY/ES are today.
Pt. 1: ES Analysis Pt. 2: SPY, Pt. 3: Quick CVNA Update
😴 1. ES, the Rising Wedge, and How YEET Views the Rest of This Week
👀ES Analysis (with bonus Trendline Basics)
📈So when we look here at our original ES wedge, we can see we are now getting the first typical outcome of the pattern—a downside break of the bottom slope (the new one at the tip).
But this also comes with a little gift I want to point out to those newer to Price Action concepts—similarly to horizontal levels breaking and retesting, trends that break are not guaranteed of the trendline retests happen immediately, and often don’t. Lucky us—today we are in the moment where ES is going to validate or invalidate this long ass trend. Memorable. Based. A real SPY Kodak Black Moment.
Assuming it rejects that trend once more on the hourly, I think puts are full go into close of week, and I’m eyeing 498 as a bear target this go round.
Note: we’ve got a new Django Trend PA Set Up™ drawn below with key levels: (A Django trend is a new trend beginning after breaking out from the shackles of a long and oppressive trend it was trapped in going the opposite direction).
Stick with this trend line and the levels and you should be okay.
📈 ES Levels and Chart
Upside Levels: 5087.5, 5102.25, 5123.25
Downside Levels: 5066.25, 5057.25, 5048.75, 5039.25, 5028.25, 5019.75, 5016.25, 5009.5, 4997.75
📈 SPY Flow, Levels and Chart
🐳 SPY Flow
🕵️ SPY Levels
Upside: 506.47,507.25, 508.49, 510.14
Downside: 505.65, 504.46, 503.49, 502.48, 501.66
🕵️ SPY Chart: Moving in the channel nicely, downtrending, just doing all the things we said it was going to do when everybody called us crazy.
🚨CROX Whale Update: They Are Still In, So We Are Still In.
🕵️ CROX LEVELS TO 116