The Dip Was Yet Again Bought In SPX, How Much Higher On This Leg? March 30th Plan

As readers are well aware, I have been very bullish on ES for the month of March, and the primary reason was due to a textbook, rising channel from the March low; writing that as long as it is in play, ES would be in buy dips mode. As a result, I was long into today’s session and holding. ES wasted no time on this “buy dips” theme yesterday, with the dip to 3980 support getting bought up for a 70 point rally.

I wrote yesterday: “As long as the channel from March low at 3977-80 keeps holding, that we can can base build in this range (pop to 4020-4027, perhaps dip and base more) then try the push to 4038, 4055-60”. After testing 3980 yesterday, ES took a very direct path on this pushing to my 4055-60 target; rushing to 4038 overnight basing there for about 5 hours, then continuing the grind up to 4055-60 target hit.

Since the March 13th low, every dip has been bought within a day or two. How much higher can this run? In today’s newsletter, I’ll be discussing this, talking about my trade management system and how it guarantees catching a run like today, and then providing the actionable trade plan for tomorrow.