Market Analysis and Trades for 11/21

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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 plan for today was straightforward. Hilariously, both scenarios played out. A break to the upside of the 2-day balance (yesterday’s high) reasonably targeted 6775 ES and 25282-25292 on NQ. A look above and fail of the 2-day range risked a move back to the lows.

Caution was reiterated in the premarket update since effectively the entire move had played out right into an area for a potential lower high:

This took some time to play out but sellers were active and decent on NQ in the 282-292 range, whereas they really hadn’t been there on ES in the 6770s. Notice when YM tested 46939, sellers came in and triggered a LAAF of the IB high on both ES and NQ.

Today was a pretty horrible look for bulls, obviously. There are spots right near here that must hold or there is very serious downside potential from here.

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