Is SPX About To Push Deeply Into All Time Highs? June 7 Plan

As readers from early May recall, way back on Friday May 3rd, something important happened: ES broke out of a massive, month long bull flag commencing what I called all month “buy dips mode”. The last week of May saw the largest of those dips, and we spent the majority of that week grinding lower. While this may have looked bearish to non-technical analysts out there, the structure of this pullback was very clear, it was another bull flag.

I affirmed this at the close on Tuesday at 4pm - prior to liftoff - by writing: “We are filling out a large bull flag still with 5209 support, 5298-5302 resistance, and a 5272 key mid-pivot. My general lean is always just to defer to the trend, as long as we continue defending supports, we can push to 5308, 5322, 5329, then 5341+”. I was long in preperation for this, also writing Tuesday 4pm: “I am holding my long runner still from 5272 discussed earlier long and trailing it now and letting it work”. It broke and we saw a monster rally yesterday as a result that took us all the way to 5370s to start today. After this rally, today was a “hangover session” as ES consolidated and based sideways. ES now finds itself sitting right at the cusp of a push into unchartered territory at ATHs.

Are we simply consolidating again for a deeper push into All Time Highs? In today’s newsletter I’ll talk this, I’ll do a deep dive into the full “anatomy” the setup that got me long for a 100 point rally from 5272 (hint, its my core setup). Finally, I’ll discuss the actionable trade plan for tomorrow.