Incredibly Rare 7 Green Days In A Row For SPX. Pullback Soon? November 8th Plan

As discussed yesterday, the last week has truly been a rarity for ES. Not only was last week the largest single green week since (very interestingly) the exact same first of November week last year, but it also put in an incredibly rare 5 green days in a row for ES from last Monday to Friday. This streak continued even into yesterday, with a green day yesterday making it an even rarer 6 in a row.

While yesterday was green, it was largely a consolidation day, forming a fairly clear bull flag. I was long heading into today as written explicitly yesterday, and I wrote at the conclusion of yesterdays newsletter: “My general lean is price is currently bull flagging between 4385 and 4366-68…As long as 4368-66 holds, ES has another leg up to 4399 minimum, with 4418-24 above”. This is quite literally exactly what we saw today, and we dipped to test 4368-66 in the morning, rallied to 4399 minimum, then rejected there.

We are now at an incredible 7 green days in a row after today, something that has not happened since October 2021. In addition, we are getting *very close* to some of the most significant multi-month resistances currently on the ES chart. Pullback close? In today’s newsletter I’ll talk this, go over how I trade bull flags (the setup that lead to today’s rally and Friday’s rally), then discuss the actionable trade plan for tomorrow.