Morning Outlook - ES / SPX

7/24/2024 - Wednesday

Jul 24, 2024

Good Morning Traders,

Yesterday was quite a doozy. We played the SPX level perfectly we spoke about in depth yesterday pre market at 5584.54 (Also the 4hr ES levels at 5622/32). This was the Daily support to the ATH and one of the more important levels on the map.

Last night after the close we had a gap down which was influenced by not only the smack of the daily support lost but Google earnings which continued to push us lower into the over night. Given the price action and our failed attempts to gain support we are continuing to move down as they try to make local lows under our low from Friday. The real question is how will be get there and what happens when that new low is complete? This morning after the open we finally have some RED TAG news “PMI” that should cause a shake and some volatility. Take a look at the video lower to see what levels we should be monitoring for potential Support or a continued break down.

Safe Trading
Ryan Bailey

Conquer the Markets Trading Plan

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