Trading Plan for NYSE:ES and AMEX:SPY based on Downtrend and Key Levels
Overall Market Context:
We are currently in a confirmed downtrend for NYSE:ES and AMEX:SPY since their respective all-time highs.
Major resistance sits at 5150, with major support at 5033 and 4965.
Trading Strategies:
Short Positions:
Primary Entry: Look for bearish price action...
Going over the FOMC reflecting on the day and our process. looking for clues to how we could have traded the day better. Better than yesterday is our only goal.
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 5107/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : B
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
I go over how to establish potential scenarios for an FOMC day and how to prepare accordingly. FOMC can be very tricky to trade, but if you have a plan and know the levels that are in play it can provide great opportunities.
Trading Plan for Wednesday, May 1st, 2024
Market Sentiment: Uncertain, with the potential for sharp swings amplified by the FOMC announcement. Increased caution and focus on capital preservation are paramount.
Key Supports
Major Supports: 5060 (major), 5043-47 (major), 5030-32 (major), 5000 (major)
Additional Supports: 4976 (major), 4938-41 (major)
Key...
Price action in orange ellipse appears corrective, and in that light I feel more confident that the move from 5333.50 to 4963.50 was a complete impulse wave. From here, I see two possibilities: the bullish count (green) would have us at or near the low of today, with a move back up towards 5154.25 to complete a (B) wave; the bearish count (red) would have us...
This ES1 chart is the six + Europe and Asia trading sessions.
this hasn't corrected properly in over a decade.... and this is what it looks like when they print trillions out of thin air, as "aid for Ukraine" which is then spent entirely on weapons or infrastructure supplied by our military industrial complex. we were warned about this shit. Orwell,...
This ES1 chart is the six + Europe and Asia trading sessions.
this hasn't corrected properly in over a decade.... and this is what it looks like when they print trillions out of thin air, as "aid for Ukraine" which is then spent entirely on weapons or infrastructure supplied by our military industrial complex. we were warned about this shit. Orwell, ...
With the Fed making announcement on Wednesday, volatility would be expected in the S&P 500.
A change in the feds attitude towards interest rates being high longer is not expected.
Going over the days price action. looking for clues on how we could have traded the day better. always do your reflection period. without Reflection there is no Wisdom, only wasted time and time is something we just don't have a lot of. so Make it count. do the hard work.
SP500 open with a gap down.
going for a long position before it continues its trend downwards.
Entry: 5052.25
Stop Loss: 5040.75
Depending on how movement is my first take profit is ( 5072.25 )
Full Take Profit: 5086.25
Good Evening and I hope you are well.
overall market comment
End of month proved to be volatile and bears made clear that the last bounce was a lower high and we are on our way to new lows. My overall market thesis for the last 2 weeks was, that this bounce should be a W2 and we are in a new bear trend. Now bears need strong selling to break through the...
Its only the 2nd day of the trading week and this is how our weekly chart looks! ES price action fell to close a globex gap at 5082 today in preparation for FOMC day tomorrow May 1! We will I believe we could continue down as low as 4934 depending on the data this week. 4934 is supported by a weekly FVG close at that level. Its a great time to buy puts on SPY on short!
This is a quick update on daily vs weekly demand zones. I also kept my demand zone from the past that was noted from May 23'. We are at the start of the buy zone on the daily. I did look back and we are about at the average correction for a bull market correction for tech driven indices. I believe this stops soon if Apple and Amazon earnings are neutral or...
