10/11 Trading Plan - Tuesday Recap and Looking Ahead
Recap
In the past week, we saw a significant technical shift with ES reclaiming the 4310 level, its core bull market trendline from October 2022. This put the bulls back in control and corresponded with the start of bullish October seasonality. The week had straightforward trading, with the market pulling back to the 4310 level before triggering a two-day rally of over 100 points. The rally was driven by the confluence of a failed breakdown on Friday and the reclaiming of the year-long trendline.
The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up slightly
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down a lot
🔮 Crypto: Down slightly
Major Global Catalysts
Key Structures
The market is currently +175 points from Friday’s low, without a minor retracement. Key structures to note are 4472, 4418-24, 4377, 4336, and 4315. These structures are not comprehensive but are major ones to take note of.
Support Levels
4389-93 (major), 4377-80, 4366-63 (major), 4347, 4336-38 (major), 4322, 4315 (major), 4302, 4289, 4276-78, 4268, 4258, 4250-54 (major), 4235, 4228 (major), 4220, 4213, 4200-05 (major), 4190 (major), 4177, 4163-65 (major).
Resistance Levels
4404, 4418-24 (major), 4436, 4438-42 (major), 4457, 4473-75 (major), 4488, 4496-4500 (major), 4507, 4515 (major), 4526, 4531 (major), 4537, 4543 (major), 4549, 4556 (major).
Trading Plan
For today, I anticipate a period of messy, tactical, level-to-level consolidation/pullback. While a 3rd large uptrend day is possible, it's becoming less likely. I will be looking to give price a day or two to show some price discovery and build structure for its next leg. The first notable support on the downside is 4366-63. If we get down there, I’d consider bidding. One could also try the 4377-80.
Wrap Up
In summary, the past few days have seen clean, A+ uptrend, and traders have been very spoiled. Today, I anticipate a pullback and consolidation to work off the recent rally. Ideally, this would be something like 4377 or 4366 lowest. From there we can continue back to 4418-24, and break there starts the next leg to 4472, which remains the magnet.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
In the past week, we saw a significant technical shift with ES reclaiming the 4310 level, its core bull market trendline from October 2022. This put the bulls back in control and corresponded with the start of bullish October seasonality. The week had straightforward trading, with the market pulling back to the 4310 level before triggering a two-day rally of over 100 points. The rally was driven by the confluence of a failed breakdown on Friday and the reclaiming of the year-long trendline.
The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up slightly
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down a lot
🔮 Crypto: Down slightly
Major Global Catalysts
- IMF projects soft landing for global economy.
Key Structures
The market is currently +175 points from Friday’s low, without a minor retracement. Key structures to note are 4472, 4418-24, 4377, 4336, and 4315. These structures are not comprehensive but are major ones to take note of.
Support Levels
4389-93 (major), 4377-80, 4366-63 (major), 4347, 4336-38 (major), 4322, 4315 (major), 4302, 4289, 4276-78, 4268, 4258, 4250-54 (major), 4235, 4228 (major), 4220, 4213, 4200-05 (major), 4190 (major), 4177, 4163-65 (major).
Resistance Levels
4404, 4418-24 (major), 4436, 4438-42 (major), 4457, 4473-75 (major), 4488, 4496-4500 (major), 4507, 4515 (major), 4526, 4531 (major), 4537, 4543 (major), 4549, 4556 (major).
Trading Plan
For today, I anticipate a period of messy, tactical, level-to-level consolidation/pullback. While a 3rd large uptrend day is possible, it's becoming less likely. I will be looking to give price a day or two to show some price discovery and build structure for its next leg. The first notable support on the downside is 4366-63. If we get down there, I’d consider bidding. One could also try the 4377-80.
Wrap Up
In summary, the past few days have seen clean, A+ uptrend, and traders have been very spoiled. Today, I anticipate a pullback and consolidation to work off the recent rally. Ideally, this would be something like 4377 or 4366 lowest. From there we can continue back to 4418-24, and break there starts the next leg to 4472, which remains the magnet.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
