SPX Hovers On Major Multi-Month Support. Sept 15th Plan
Yesterdays session in ES was historic: We saw the largest red day since March 2020. Today was the opposite and price did what it often does after a big trend day (something readers of this newsletter will be familiar with): Put in a consolidation day where price played ping pong between two levels most the day. Like all consolidations, this will result in a big trend leg.
It is also no coincidence where this basing day occurred: In yesterdays newsletter I talked about ES was testing support of a major, multi-month triangle pattern at 3925-35 and ES certainly recognizing this zone, bouncing off it (3936) 1st thing in the morning, then yet again into the close for a nice squeeze. This is basically the only shot for bulls at a relief bounce.
In todays newsletter, I’ll talk how I traded this very messy session, talk my favorite setup, targets for any relief bounce, and what the triggers are to get short for any new leg lower