Mini-Dip Today For SPX; Was That All For Bears? May 31st Plan

Every few days for the past months as readers know, I have emphasized the same thing: That ES is in a broad dip buy regime since October and last week saw the latest dip buy, which resulted in a 130 point rally. Today was the first post-rally pullback and as I wrote in my last newsletter: “We had a rally and there will be a hangover period”

As readers know, I had been in my longest trade of 2023 so far, getting long last Wednesday at 4135, then adding at 4147 last Thursday, all via the entries provided in those newsletters. This length of trade is very rare for me being a day trader. Today my trailing stop triggered on this, finally concluding this trade and ES put in a very choppy/corrective session after. I wrote in my last newsletter: “We got the explosive trend leg, now its time to wait for price to reveal its next setup, things could get quite choppy/messy on Monday/Tuesday”. This certainly described today as we put in tons of chop then a late day dip.

Was that it? I’ll be talking this in today’s newsletter, going into more depth regarding how I trail my stops (including a visual) then providing the actionable trade plan for tomorrow.