Trade Plan for 11/12
The weekly post 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
Again, big congratulations to crypto bulls. We have met and exceeded my first nATH target of the 82k-86k range where I took a decent chunk off the table. From here I’ll just take off 5% of my remaining position after each massive move higher and otherwise let the position continue to work.
The index was a bit of an awkward day after the very large gap up that did NOT hold a back test of prior day high. When all time frames are bullish but a true gap up fills it is a recipe to get chopped up. Sellers were ultimately able to cap almost all the action below the open, with lower highs and lower lows. While it may have looked gross at times, all sellers accomplished was getting to the first area I really had interest in initiating a long.
Low of day was 6013.5 and saw a rally to 6033.5 into the close.
The 6010 spot on $SPX is incredibly important. This translates to roughly 6037 on ES and it is a key extension for me on SPX. Building time and volume above this spot is key for a next leg higher. Pausing and finding some balance below it makes sense.
On QQQ 0.00%↑ NQ sellers did a great job of breaking down the overnight profile and drove price to what I would consider the line in the sand (on shorter time frames) for NQ. Sellers DID take out Friday’s low on NQ whereas they did not on ES.