11/17 Trading Plan - Thursday Recap and Day Ahead
🔄 Recap
This week's market activity showcased the transition between trend and consolidation phases. Friday exhibited a strong uptrend, while Monday shifted to a consolidation mode. Notably, the breakout from the downtrend channel and CPI data fueled a significant rally. However, the consolidation session resumed post-rally, raising questions about a potential pullback.
📈 The Markets Overnight
🌏 Major Global Catalysts
Yesterday, President Biden signed a temporary government spending bill, preventing a government shutdown. This move has implications for market dynamics.
🔍 Key Structures
The ES has entered a post-trend consolidation phase, with key structures ranging from 4507-10 to 4543+.
The market is currently in "Mode 2," characterized by basing, chop, and pattern formation.
The current pattern forms a bull flag with a 60% upside resolution bias.
📉 Support Levels
Major: 4507, 4484-86, 4445, 4418-24.
Minor: Various levels between 4507 and 4418.
📈 Resistance Levels
Major: 4625, 4556-58, 4543.
Minor: Levels ranging up to 4543.
📝 Trading Plan
Supports: Focus on 4520, 4514, 4507-10, 4485-87, 4444.
Resistances: Watch for 4524, 4535, 4543, 4557.
Bull Case: Maintain control above 4507 for an upward trend.
Bear Case: A breakdown below 4507 could lead to a short-term dip.
Strategy: Emphasis on level-to-level trading within the 4507-4535 range.
🔚 Wrap Up
As we approach today's trading session, the focus remains on the 4507-10 support level and the 4535-40 resistance zone. With the market in a consolidation phase, traders should be prepared for choppiness and focus on level-to-level trading strategies. Remember, today is OPEX Friday, so expect pinning around key levels and limited follow-through on movements.
Stay informed, trade smart, and let's navigate the markets together.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
This week's market activity showcased the transition between trend and consolidation phases. Friday exhibited a strong uptrend, while Monday shifted to a consolidation mode. Notably, the breakout from the downtrend channel and CPI data fueled a significant rally. However, the consolidation session resumed post-rally, raising questions about a potential pullback.
📈 The Markets Overnight
- Asia: Mixed performance.
- Europe: Strong upward movement.
- US Index Futures: Mixed strength but generally up.
- Crude Oil: Price increase.
- Dollar: Slight decrease.
- Yields: Marginal decline.
- Crypto: Mixed trends.
🌏 Major Global Catalysts
Yesterday, President Biden signed a temporary government spending bill, preventing a government shutdown. This move has implications for market dynamics.
🔍 Key Structures
The ES has entered a post-trend consolidation phase, with key structures ranging from 4507-10 to 4543+.
The market is currently in "Mode 2," characterized by basing, chop, and pattern formation.
The current pattern forms a bull flag with a 60% upside resolution bias.
📉 Support Levels
Major: 4507, 4484-86, 4445, 4418-24.
Minor: Various levels between 4507 and 4418.
📈 Resistance Levels
Major: 4625, 4556-58, 4543.
Minor: Levels ranging up to 4543.
📝 Trading Plan
Supports: Focus on 4520, 4514, 4507-10, 4485-87, 4444.
Resistances: Watch for 4524, 4535, 4543, 4557.
Bull Case: Maintain control above 4507 for an upward trend.
Bear Case: A breakdown below 4507 could lead to a short-term dip.
Strategy: Emphasis on level-to-level trading within the 4507-4535 range.
🔚 Wrap Up
As we approach today's trading session, the focus remains on the 4507-10 support level and the 4535-40 resistance zone. With the market in a consolidation phase, traders should be prepared for choppiness and focus on level-to-level trading strategies. Remember, today is OPEX Friday, so expect pinning around key levels and limited follow-through on movements.
Stay informed, trade smart, and let's navigate the markets together.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
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