The Weekly Thursday/Friday Squeeze Underway In SPX. Can SPX Do Again Friday? June 16th Plan
My newsletter yesterday was entitled: “The FOMC Dip Was Bought; Another Rally Incoming For SPX?” and the answer was unequivocally yes. The past few weeks have given traders a lesson in just how powerful simple technical analysis is to cut through the non-stop barrage of noise, negativity, sentiment, to produce truly account changing growth. As discussed everyday for 2 weeks (readers likely sick of hearing it) but on June 1st and 2nd, ES put in a classic high momentum technical breakout of the February and May highs and this was the signal to buy dips, and we rallied 170 points since.
The last week this went into over-drive, and since last Wednesday, every single intraday dip has been bought. I wrote yesterday: “My general lean is that we base build in the 4390-4430 range, with a 4413 key mid-pivot. This sets up a push up the lvls to 4438, 4445-50, 4462” and this played out fantastically as we hit 4393 support this AM then squeezed to 4462 and beyond. As readers know, 4462 has been my target for a week.
8 of the last 10 Thursday’s and Friday’s have seen squeezes just like today. More tomorrow? In today’s newsletter, I’ll talk this, then I’ll break down in detail the failed breakdown setups that have provided the triggers for every single rally in the last week (my core setup), then provide the actionable trade plan for tomorrow.