Morning Insights - SPX / ES

8/05/2024 - Monday

Good Morning Traders,

Quite the overnight push down!! This is why I specifically stated in the weekend review that it will be imperative that we wait until the open on Monday to see if they hold the 5300 area or if they gap below. I specifically stated that the 5300 area is everything and a hold of that area sends us up and a gap below sends us falling fast, I would say that waking up 175 points lower certainly meets the criteria! Gapping below this significant area was the only plausible scenario if they wanted to avoid the support at 5306-5286. HOWEVER now that we are below this area we have a major hurdle to get back above as we enter into our next area of support. Take a look at the video as we go deeper as to which levels we should be watching for reactions.

BE very careful today as we have already exceeded our expected move and the day hasn’t even started yet

Trade Safe
Ryan Bailey

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