4 Green Weeks In A Row For SPX. Is 5 Incoming? May 20 Plan

This week was one for the record books, culminating not only a 10 green day in a row win streak for ES (something that has not occurred since October 2021 - we may not see something like this gain for a couple years), but also setting a new all time high in the process, though that has since faded. This also makes it 4 green weeks in a row for ES. As readers know, my macro target since May 3rd has been a revisitation of the highs, and we broke out a month long bull flag on that day, triggering the move up and firmly putting bulls in control. I wrote May 3rd: “5155: Resistance of the major red downtrend channel/flag shown in the below chart. Leg to revisit the highs begins above here”, and we got there.

After this rally, ES has spent the last two days in “hangover mode” consolidating and digesting this historic leg up. Today was OPEX day, and I wrote yesterday: “OPEX days can often be extremely choppy and see “pinning” where price tends to move a lot to end in the same spot.” and ES certainly agreed here, spending nearly the entire day glued around the 5321 level.

We are now 4 green weeks in a row, is this new consolidation about to setup more? and can ES continue the march into all time highs? In today’s newsletter I’ll talk this, I’ll discuss my trailing stop system as yesterday and as readers know, my trailing stop from 5236 finally triggered at the close yesterday, giving me a fresh slate. Finally, I’ll discuss the actionable trade plan for tomorrow.