Market Analysis and Trades for 11/18

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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Market Analysis for the Week of 11/16

The planned trades for today were extremely minimalist. I added one premarket as well. They all worked extremely well whichever was chosen. I’ll just share the chart on ES but NQ was the same

The opening drive at 6pm was straight down into the first set of single prints. It held and met all targets to Friday’s high. During the Euro session the look above and fail short of Friday’s high triggered and ended up filling both sets of single prints as Sunday night had already tested the first set.

The index opened JUST above the 2nd set of single prints and made for a fantastic quick trade on the LBAF of the overnight low from the premarket update.

From there it was definitely an aggressive back and forth as had been suggested premarket. After making a new low of day at 11:15 there was a massive cover rally which likely looked very bullish to most. The following was posted at 11:55 EST:

Sure enough it had been a cover rally and with no backside structure the move completely melted:

The afternoon saw some pretty emotional selling which I’ll comment on below.

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