Adam Mancini's S&P 500 (SPX/ES Futures) Trade Companion

Adam Mancini's S&P 500 (SPX/ES Futures) Trade Companion

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Adam Mancini's S&P 500 (SPX/ES Futures) Trade Companion
Adam Mancini's S&P 500 (SPX/ES Futures) Trade Companion
The Dip Was Bought in SPX: Will it Stick? Feb 24th Plan

The Dip Was Bought in SPX: Will it Stick? Feb 24th Plan

Feb 23, 2023
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Adam Mancini's S&P 500 (SPX/ES Futures) Trade Companion
Adam Mancini's S&P 500 (SPX/ES Futures) Trade Companion
The Dip Was Bought in SPX: Will it Stick? Feb 24th Plan
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The past three days have been a classic “traders market”: As always, those with inflexible bull or bear biases lose, and only level-to-level day traders with a system will grind out gains. Despite wild 5 wild bipolar swings within a 60 point range, ES yet again ended up in the same spot above 4k.

Today’s low, however, was technically significant, and no coincidence. I wrote yesterday: “Big picture, it is critical that 3967-72 holds if we get the sell down there as this backtests the January 2022 downtrend line breakout. In order to keep the immediate rally in play, this must continue holding”. Today, we sold there, got to 3974, then put in a 30+ point rapid squeeze. Notably, this also back-tested the 200 day moving average in ES, and held.

It is safe to say that tomorrows candle will be extremely important, and we have PCE tomorrow morning to help drive it. In today’s newsletter, I’ll discuss how I think it plays out from here/risks, talk by core trading setup (the failed breakdown), then provide the actionable trade plan for tomorrow.

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