Trading Plan for Tuesday, May 7th, 2024 Market Sentiment: Bullish, but increasingly cautious following a strong breakout. The RSI is deeply overbought, increasing the risk of sudden pullbacks. Proceed with heightened awareness of volatility. Key Supports Immediate Supports: 5186-88 (major), 5163 (major) Major Supports: 5144-46 (major), 5060-65 (major) Key...
Trading Plan for Monday, May 6th, 2024 Market Sentiment: Uncertain, with bulls seeking further confirmation after exceeding a major resistance level on Friday. Consolidation and complex, level-to-level price action are likely. Key Supports Immediate Supports: 5145-50 (major), 5136, 5116-13 (major) Major Supports: 5082-77 (major), 5067 (major), 5060...
“The only bad time to buy real estate is later” cites investment wisdom. But, when interest rates soar high, real estate investments can and do hurt. Last week FOMC reiterated its resolve to fight inflation down to its target 2%. Inflation has been stubborn and sticky. It has shown signs of trend reversal towards resurgence. Chair Powell’s made clear that rate...
Here are my levels for the week. Same notes as NQ. I have been really busy outside trading so I have not been able to post many updates. I continue to trade these levels a few hours every morning. Treat the levels as as support, resistance or targets. The market is currently trading in a large consolidation pattern with large daily ranges. The levels noted are the...
Bull case on left, bear case on right. On the left, I think there are different ways to complete the move from 5333.50 to 4963.50, but for simplicity, I have just used a leading diagonal A, zigzag B, impulse wave C. From the low of 4963.50, it would appear that there are 4 distinct and overlapping impulse waves (with higher lows at 4991.25, 5022.25, and 5036.25),...
IMPULSE AND CORRECTION: looking to catch a short trade at the mitigation of the 1hr time frame supply zone.
Although there was a strong move on Friday, a small positive up range is expected for Monday in the S&P 500.
There is an old, seemingly wise saying, that says "time in the market beats timing the market!" This works for people that do not want to do the work... to study repeatable patterns. Throughout the bull market of 2024 (yes, the market is in a bull market) I have been waiting for and been asked by followers "is THIS the pullback to go long?" Generally, the...
Another choppy and flat day for the challenge account. I think i did ok today but that lotto i bought should have been a call. Don't know what i was thinking buying a put after VX just broke below support. Oh well i should have been done trading at that point anyway. Next week will be better.
ES1! showing signs of heavy resistance to price movement, AKA liquidity in this rarified air. The daily ranges for the previous two trading days will be monumental in the market deciding its direction, as there is a lot of interest packing in at these levels. 5287 to 5349 are the outer limits with 5318-to-5323 also being important inflection points as this plays...
Going over the morning session looking for clues to how we could have traded today better. going into the weekend we really want to reflect & update our trading plan. eliminate what isnt working and double down on what is working. keep working hard. another week almost in the books. goal is to be green end of the day. not become a millionaire.
- 3 Failed tests on 4h timeframe - Price breakdown (hourly bear flag) - Price targets: 5226.75, 5153.75, trailing stop - Stop Loss: 5350 (break into ATHs)
- Strong rejection of a key level - Bearish structure formed at top of range - Possible exhausted bull run?
ES failed to break above high of day earlier. OPEX typically leads to chop, but I'll be watching to see if we can get any momentum tonthe downside.
Trading Plan for Friday, May 17th, 2024 Market Sentiment: Uncertain, as the market shows signs of fatigue after 10 consecutive green days. Traders are anticipating a pullback and adjusting strategies accordingly. Important Note: It's OPEX Friday, which often leads to choppy price action and pinning (price moving a lot but ending near the starting point)....
CBOE:SPX if it can base above 5300 today we should see 5332 by early next week. Calls can work above 5300 for today ES Trade Plan Inflection: 5327 Upper lvls: 5368 / 5377 / 5387 Lower lvls: 5312-5316 / 5304-5308 / 5292-5296 / 5268-5274 NQ Trade Plan Inflection: 18673 Upper lvls: 18812-18817 / 18974-18982 Lower lvls: 18576-18602 / 18483-18509 / 18416-18431 /...
ES tested the 5333 level several times overnight and couldn't break. It's trying again now whil VX is at the bottom of its range. I'd expect ES to fail here, but it moves above and VX makes a new low I'll have to reconsider my short bias.
I am really into the bond / stock relationship. Higher interest rates leads to an alternative to stocks, especially when stocks at all-time highs. The huge stock rally on Wednesday was helped by a big bond rally. Now the bonds have given up the entire rally. This could lead to bearish index futures patterns more likely to work.