10 Days In A Row Of Higher Highs For SPX. Can It Really Manage 11? Dec 3rd Plan.

Last week ES concluded the biggest green month of 2024, and it ended with a bang. My last newsletter prior to the two holiday sessions on Thursday and Friday was entitled: “Will Thanksgiving Bring A New All Time High For SPX?”, and we got to ATHs on Friday. As readers recall, I had been positioned for this all last week, writing last Tuesday at 4pm: “I am still holding my 10% long runner from yesterday evenings major 8pm Failed Breakdown of the Monday low ~5983, and letting it work for the rest of the week.”

On Wednesday at 4pm prior to the holidays (when ES was 6010), I reaffirmed this, writing: “5993-6040=a chop range and as long as that support remains in tact, ES is simply building structure for another leg up”. By Friday, we had arrived at All Time Highs. Why was I confident another leg up was coming? Simple technicals: On November 24th, ES broke out a two week bull flag, putting bulls firmly in control for last week. Then all last week - with bullish control as the background context - we spent coiling up again and building an accumulation base, culminating in a holiday squeeze to ATHs.

They continued into today. I wrote on Friday at 4pm: “My general lean is always to defer to the trend. This means as long as 6045, 6033 can hold on any back-tests, we simply continue up to 6063, 6072, 6088+. If 6033 fails, so does today’s breakout”. We held 6033 overnight, and rallied 6063+ today.

Today marks 10 days in a row of higher highs for ES though (each day cleared its prior days high). Can it continue? In today’s newsletter I’ll talk this, I’ll do a deep dive into my trailing stop methodology and my philosophy on runners, utilizing the long I had from last Monday 5980s as an example. Runners are a key part of my edge. Finally, I’ll talk the actionable trade plan for tomorrow.