Trade Plan for 11/1

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

The subtitle of last nights SPY 0.00%↑ post was “The Door is Open Sellers. Do you Want it?” They certainly did. NQ was really the only index looking constructive which had kept ES hugging the weekly pivot of 5857-5862. ES lost the pivot into yesterday’s close, then we had MSFT 0.00%↑ and META 0.00%↑ received poorly and NQ joined in the weakness. The overnight action staged a rally attempt off last week’s ES low with NQ at a potential higher low but the breakdown back test on somewhat warm data was soundly rejected.

Today opened on a “true” gap down (below the prior day low) and sold immediately at the open through last week’s low. When a true gap up/down sees direct continuation the directional move should be considered strong.

On ES we are approaching the pre-FOMC balance which to me is critical. Due to ES contract decay the FOMC range is a bit lower on SPX. We’ll monitor both.