8 Days Of Straight Upside For SPX - Is There Rug Pull Risk Now? July 20th Plan
As readers recall - for the first time in likely years, owing to how historic this market has been - since the Sunday July 9th open, where ES hit 4420 support/buy zone I have only had two continuous trades with adds inside them, but no stop outs. Long 4420 on July 9th, with my 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 success of these were entirely due to simple, widely accessible technical analysis: 1) A 3 week ascending triangle which tested support last Wednesday, broke out Thursday, then ran to its measured move target. 2) A structure based trailing stop system that kept me in the trade. Today, we finally saw a little cool-off. As readers recall, my major target for this move for weeks was 4613, writing yesterday: “My lean would be we defend 4575-65, then attempt to tag 4600 then 4613, and try a pullback from the low 4600s.”
We got to the low 4600s today then dipped. Now what? In today’s newsletter I’ll talk this, I’ll breakdown the setup that triggered longs yesterday and today (two of my favorite setups) then I’ll talk the actionable trade plan for tomorrow.