📼The Monday YEET
Quick SPY and Flow Updates
🤔ES/SPY Day in Review and What Comes Next:
They are who we thought they were. Having broke through our wedge, our job was to simple catch the reversal at the correct previous high/consolidation range top.
And catch it we did indeed:
But with so many consolidation nubs, how do we know which is “the chosen one”. This is why we use multiple chart views, because the levels gave it away. Take a look inside the white circle, and you’ll notice a few things:
Monthly support in red is crucial—those are our strongest levels
Weekly support in white right beneath it
A pattern that’s kind of like a penis peeing
Remember this image because this pattern actually shows up a LOT. When a weekly is not far beneath a monthly (or conversely sometimes a psych level on SPY beneath a monthly), it'll often get a helping hand up in a little move we used to call “The Stranger”.’
The Tell Tale Sign of a successful stranger is a 15 minute candle reversal like the one above.
The End of Day Dump call was price action interpretation on the 5 minute:
So because it’s repeatedly rejecting at the level while wicking off higher highs, we know we’re seeing a basic flag pattern form, and it becomes a game of chicken with how low they’ll take it into close.