Upside Follow Through For SPX; Major Resistance Incoming: Aug 4th Plan

Patience paid off today for bulls. All week, I spoke daily about how ES was in consolidation mode (basing between two levels). We had an excellent week of consolidation trading, playing the same failed breakdown setup of 4105 multiple times, but the real prize from a consolidation is always the breakout move that always follows. We got some today, with ES breaking the weekly highs and making it to 4160 1st upside target.

I wrote yesterday: My general lean remains unchanged, which is that ES wants to test 4155, 4190, then 4205 target. With the breakout today, its en route, but this is when things also get interesting. Bulls now need to #1 defend the breakout, and #2 deal with some major resistance that is now overhead. In today’s newsletter, I’ll go over how I traded today which gave *yet another* perfect failed breakdown setup which has now offered over 100 points this week, then discuss the big resistance overhead & what I’m expecting