Market Analysis and Trades for 11/19

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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

There has yet to be a reason to be long this market in any meaningful way. ES traded briefly into its major single prints early in the overnight session which looked remarkably similar to what it did a week or so ago when we also shorted the overnight high:

I added in the Discord something I’ll rarely do, suggesting I would hold short runners until stopped as the risk of a meltdown was significant:

This resolved for more than 110 handles to today’s low.

I was then looking to be out most all the trade at October’s cash hours low, and whichever index (ES or NQ) hit it first:

ES held 2 handles from its October cash hours low of 6591.75, but note the cover response when NQ tagged its cash hours October low of 24384.25 (570 handles from the NQ short entry):

Understanding the difference between a short target and a long setup/entry is key in these situations. In tonight’s plan I’ll discuss what I need to see in order to get long the index.

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