4/11 Trade Plan
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.
Hey everyone, sorry for the delayed plan tonight. I found myself away from my desk until late this evening.
I am going to keep this one concise tonight and just hit the important points.
That 4100 level remained strong support this morning along with NQ 12950.
I had said last night that I thought key support shifted down towards 4084/4090 area due to the fact that I think 4100 has become clear on the charts at this point.
Coming into the RTH session we had pulled off the ETH open last night from 4140s and traded down into 4100s leading up to the RTH open.
My original plan was to look for weakness on an open below 4140, but we opened at/near my lower end target.
I sent a message in the chat this morning saying I thought we would trade back up towards the 4124 area as long as we remained above 12950 on NQ.
I was thinking we might see a false breakdown of 4100 area that would be saved by NQ 12950.
This was correct thinking. While we did not see even one lot trade below that 4100 area on ES, NQ came down and tested that 12950 and saw a nice bounce right off this support level. This put a bid under ES as well.
Once we got up to my 4124 target on ES, the action slid back into a choppy upward trend for the rest of the session until a nice 10 point spike during the last minutes of RTH trade to finish the session.
My plan is pretty simple for tomorrow. My key levels are 4140 ES and 13180 NQ.
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