Trade Plan for 10/22
The weekly posts for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead
The re-launch of the course content is official and is now available to anyone. Course Announcement
Quick video on OKLO 0.00%↑ OKLO and the Power of Volume Profile Analysis
We were prepared for some weakness on SPY 0.00%↑ today because of a couple of minor warning signs on QQQ 0.00%↑ and IWM 0.00%↑
After an early futures gap up, ES tagged Friday’s high and sold off the rest of the night. With 2 hours to open NQ was sitting at Thursday’s cash session low and ES was sitting at Friday’s low.
We were monitoring for a look below and fail which worked out nicely as ES rallied 25 handles off the overnight low. The opening rally, however, stalled hard at our 5908 target/level. This corresponded with the QQQ 0.00%↑ short setup playing out which was a look above and fail of Fridays high. Significant weakness ensued so patience was required for dip buying.
We finally saw some solid buyers show up at our 66-68 spot. At 11:28 EST I posted the following as we started watching closely for longs. Low of day was 2 minutes later. To me it was the NQ re-bid off 368s that was the signal to get long.
The new PharmD_KS indicator levels in TradingView were solid, but levels are no substitute for reading the action live. As of now we’ve rallied 35 handles off that low.
Bulls still have some work to do repair some of todays damage but NQ strength off the lows is promising. NQ bulls will now need to prove a willingness to initiate higher at the areas discussed in the weekly Plan.