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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 10/26
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The plan for today was to be long if NQ and ES held their respective spike bases from yesterday. For NQ we used 25946-25954 and for ES 6899-6901. NQ tested and held 946-954 while ES didn’t even quite make it to its spike base. In these persistent uptrends (now that we broke out of the 6-week balance) often the best trade sets up overnight which is one of the benefits of being a futures trader:
We have FOMC tomorrow and massive earnings after the bell (along with Thursday). This makes the rest of the week rather binary in nature. We are at a critical inflection point here and the result of the next couple of days likely determine if we go on a 5% melt up from here in short order or risk failing back into the prior balance (with potential for 5% to the downside).
Ninja Trader is doing a simulation environment competition with $400K to be given away to winners. I would encourage everyone to sign up and take a crack at it. IF there is sufficient interest, I will chart multiple futures instruments this weekend, do a weekend livestream, and a premarket livestream to help everyone prepare. If only a few people sign up I probably won’t ignore the family all weekend, but you would still have the plans. I will also do a giveaway of 1 year free to the Discord AND the Trading Doggy Style course bundle. Again, if there is sign up interest. You can sign up via the links below
Arena Cup Challenge Registration
Paid Content Below or in the Discord
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