10/17 Trading Plan - Monday Recap and Day Ahead
Recap
Last week saw the ES snapping its five-week losing streak. The catalyst? A recapturing of its core bull market trendline from October 2022 on the 6th, triggering a robust 187-point rally. Though the week ended on a lower note, it presented a tactical buying opportunity. ES is currently in a 3-day limbo, fluctuating between 4410 and 4355 since last Wednesday.
The Markets Overnight
🌏 Asia: On the Rise
🌍 Europe: A Mixed Bag
🌎 US Index Futures: Plunging
🛢 Crude Oil: Slightly Higher
💵 Dollar: Mild Gains
🧐 Yields: Strong Upward Trend
🔮 Crypto: Taking a Hit
Major Global Catalysts
Key Structures
Some big-picture structures/notable levels from highest to lowest include 4477, 4418, 4408-10, 4375-66, 4336, 4322-25, and 4314.
Support Levels
4477, 4418, 4408-10, 4375-66, 4336, 4322-25, 4314.
Resistance Levels
4408-10, 4418, 4424, 4433, 4439-42, 4450-55, 4462, 4471, 4478, 4484-88, 4496, 4504-08, 4515, 4526, 4532, and 4543.
Trading Plan
The goal for Tuesday is to trade level to level, one move at a time. If we break higher today, I am not a big fan of counter-trending, but for those who enjoy it, the 4439 zone would be one spot, as would be 4450-55. If 4366 fails, I would consider a breakdown short after at 4362. Level to level profit takes.
Wrap Up
In summary, we had a great rally yesterday, and now it's time to build a base. My general lean here is that ES can fill out the 4408 to 4366 range. This would then produce another leg up to 4418, 4439, then 4450+. If 4366 fails, we work down the levels, likely to 4325.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
Last week saw the ES snapping its five-week losing streak. The catalyst? A recapturing of its core bull market trendline from October 2022 on the 6th, triggering a robust 187-point rally. Though the week ended on a lower note, it presented a tactical buying opportunity. ES is currently in a 3-day limbo, fluctuating between 4410 and 4355 since last Wednesday.
The Markets Overnight
🌏 Asia: On the Rise
🌍 Europe: A Mixed Bag
🌎 US Index Futures: Plunging
🛢 Crude Oil: Slightly Higher
💵 Dollar: Mild Gains
🧐 Yields: Strong Upward Trend
🔮 Crypto: Taking a Hit
Major Global Catalysts
- US to Ease Sanctions on Venezuelan Oil Industry
- Middle East on the Cusp of Widespread Conflict
Key Structures
Some big-picture structures/notable levels from highest to lowest include 4477, 4418, 4408-10, 4375-66, 4336, 4322-25, and 4314.
Support Levels
4477, 4418, 4408-10, 4375-66, 4336, 4322-25, 4314.
Resistance Levels
4408-10, 4418, 4424, 4433, 4439-42, 4450-55, 4462, 4471, 4478, 4484-88, 4496, 4504-08, 4515, 4526, 4532, and 4543.
Trading Plan
The goal for Tuesday is to trade level to level, one move at a time. If we break higher today, I am not a big fan of counter-trending, but for those who enjoy it, the 4439 zone would be one spot, as would be 4450-55. If 4366 fails, I would consider a breakdown short after at 4362. Level to level profit takes.
Wrap Up
In summary, we had a great rally yesterday, and now it's time to build a base. My general lean here is that ES can fill out the 4408 to 4366 range. This would then produce another leg up to 4418, 4439, then 4450+. If 4366 fails, we work down the levels, likely to 4325.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
