Hello and welcome to another installment of my daily e-mini trade plan. For any new readers, welcome! In this newsletter I discuss levels, scenarios and market analysis for the S&P500 market.
Also, I recently released my first educational post and I am very excited to share it with you. I was so excited to share with readers that I released it early and plan to continue to add to it over the coming days. Check it out here.
Another directionless session with limited opportunity, but there was a little bit of alpha to be had trading the levels and scenarios shared here.
My areas of interest were NQ 12830 as well as 3980/85 on ES.
I expected if we remained below 12830 on NQ general sentiment would be weak.
We opened the cash session at 4000 and chopped around for the first half hour.
NQ on the other hand opened well below my 12830 level around 12770, and had dropped from the opening bell.
I sent a chat out warning that while support was firming up at 4000, NQ was well below 12740 and this could put pressure on rallies in the broader market.
This turned out to be a good call and shortly after we cracked 4000 to trade down to 3990, bounced backed to 4000, then back down to my lower target at 3980/85.
We turned back around at this level and bounced back above 4000 by the end of the session
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