Trade Plan for 11/22

The Inception NVDA Trap

The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead

I did a free video on “Hedging the Edge” which is a concept I often use to manage a position at very binary spots so that I can hold my primary position for a much larger move. Hedging the Edge

SPY 0.00%↑ it would seem Tuesday’s video on “hedging the edge” was timely. Yesterday we looked above and failed the box and sold all morning. After the rip higher into the close when then sold off overnight, only to be bought all the way back up to new highs, and AGAIN sell off hard this morning.

Many members are holding SPY 0.00%↑ calls for January mentioned yesterday against the 5988 low, so hedging against that during this mornings sell certainly would have helped hold on to them.

We are making higher highs and higher lows and it would once again appear as if bulls have broken this out to the upside. The is a clear upward sloping channel in which we are trading. Many would characterize this as bearish but we’ve seen these form numerous times this year only to continue higher. What matters to me is convincingly reclaiming the prior range. We closed RIGHT at it.

Whether or not we confirm/defend the break out from the recent range and reclaim/hold the prior range (above) will be key for tomorrow.