Market Analysis and Trades for 11/26, 11/28

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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 11/23

Today was a great example of the importance of internally segregating timeframes. From the weekly plan, we were looking for a move to Thursday’s open and high above Friday’s high but knew that it was unlikely to be as clean as traditional price action might suggest:

It is easy to look at the below chart in hindsight and think it looked easy, but this morning’s liquidation break (for which we were prepared) looked anything but bullish as it was unfolding.

The profile was susceptible to this liquidation break as yesterday (inclusive of overnight) had thin structure relative to the volume put in at high of day at an area of known resistance:

The short setup was triggered with the look above and fail of 6729.5-6731.75 on ES and 24969-24977 on NQ and accelerated with the loss of 6709-6715 on ES and 24869-24882, 24817-24832 on NQ

The short was amazing, but bulls defended where they had to. Once the IB high on NQ (in the 869-882 weekly range) and ES 6741 was lifted it was lights out for sellers.

Today once again had an upward spike into the close at an area of major resistance after taking Friday’s high. The binary nature of this spot is rather apparent:

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