SPX ES SPY Setups for 11/28
Is the Engulfing Day Tomorrow or Wednesday, Sir?
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As mentioned last night we were monitoring Wednesday’s excess as a primary indication (or dismissal) of potential buyer exhaustion. While sellers accomplished absolutely nothing today, it is somewhat interesting that buyers struggled mightily to even close the gap from Friday. This is notable given the overnight look below and fail trap that played out as one of our setups.
We do have some important data this week which will almost certainly lead to some range expansion which will be much welcomed for ES day traders. Until then, trading individual names has been far more fruitful which is why you had seen me posting so many in the discord the last week or so.
I am on watch for an outside (engulfing) day either tomorrow or Wednesday. If you aren’t familiar with the (correct) calls I’ve made for an outside day this year and how, I’ve shared what I have seen and why it occurs on this free YouTube video.