Trade Plan for 11/13
Who Sneezed Today ES?
The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead
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In last night’s post (above the paywall) we discussed the importance of SPX 6010 and ES 6037. Today’s high was 6009.92 on SPX and 6036.5 on ES
Additionally, I had suggested in the Discord that I would be taking more profit on longs on a pop today. This was after the cautionary note on Sunday night.
That said, today’s low on ES held just above a major line in the sand for us. NQ lost 21090s briefly but ripped right back through it.
We have CPI in the morning. Based on today’s action, the response to CPI offers us either a fantastic long setup or a fantastic continuation short. We need not guess as we will be ready either way.
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Levels - Note not all weekly levels will be used each day but they could all present as part of an “active sequence” within a given day(s). Focus on the bold levels in general and certainly on high time frames
See Weekly Levels for Higher
6122 (6122-6127)
6114.5
6097
6078
6061
6053.25 reference Monday’s overnight high
6049
6036.5-6040.5
6027-6030
6010.5-6013.5 Extremely key tomorrow
6006.5 reference today’s VAL
5999-6001 I will plan to use this for one touch only
5984-5986.75 slightly expanded to include today’s low
5976-5977
5964.5-5967 (5967-5976 is already captured on the weekly plan I am breaking it into 2 levels for the daily plan but we need to monitor the entire range to possibly produce a LBAF of 5984-5986.75
See weekly levels for lower
NQ Levels/ranges for Monday in addition to the weekly levels
21292.75 reference Monday’s high
21251.75-21264.75 includes today’s high and last week’s high
21236-21243
21169-21181 I might use this instead of 151-161 from weekly levels but feel free to keep both on there (I might and leave whichever proves most relevant). I want to be sure this reclaim doesn’t cause a failed reclaim of 151-161 but on higher timeframes 151-161 is more important
21114-21128
21054.75 reference today’s low
COMMENTARY:
So far no major damage has been done but bulls will need to find the buy button tomorrow. We know that any LBAF of 5984 can be a high time frame long and we didn’t even quite make it there today. On NQ it now becomes pretty important for it to maintain above 151-161 out of data. It can afford another dip lower as long as it is snapped up again, but lower highs and lower lows below 21086-21092 is quite problematic. YM Suddenly looks quite at risk here after offering Monday’s open from below. RTY doesn’t look bad just yet and can afford further consolidation and I would have 2359.6 the 11/6 low on your chart forever. There was a tremendous amount oof volume between 09:30-10:30.
I am still very much monitoring for a LBAF of 5984ish on ES. If it can reclaim and hold 6013ish afterward then I have to favor new highs. It still isn’t in any serious trouble until 5900.75 is lost meaningfully but we would see continued weakness if price gets trapped below 5984.
Below the 6013 I generally expect a retest of today’s low and the major 5984 spot, but I would monitor 5999-6001 to potentially trigger a reclaim.
We’ll keep it high level because of CPI with 5984 and 6013 being the major levels into tomorrow.
Hump day fun 💚