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.
My plan last night following the price probe up to 4060 resistance on ES and 13000 on NQ was to look for longs above these two key levels targeting next resistance at 4090.
Just as we saw last night, the move came during the overnight session while regular trading hours was quite sluggish.
There was a nice move off of 4090 back down into 4060 which we called for last night. I didn’t think it was likely we’d see a trend day before PCE tomorrow which is why I favored a fade at 4090.
There were multiple assaults on 4084 resistance in the morning to no avail.
After the first 45 minutes or so sellers pushed back to lows of day on ES, but NQ wasn’t able to takeout its lows and it drug ES back up with it. I imagine this move caught quite a few offside.
This is why it is imperative to keep an eye on the tech index and how it is behaving relative to ES.
Tomorrow we’ve got PCE coming out before the open which will set the tone for the day, and hopefully give us at least one good trading day this week!
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