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 was to look for probes up to 13300/330 on NQ to be faded and to drag ES down with it targeting 4110/20.
This played out pretty well today with ES and NQ remaining bid above the pivot levels shared last night at 4140 and 13200 respectively.
NQ broke out above 13300 in the early hours of trading this morning to a high of 350s before reversing back below 13300 before the US open.
ES on the other hand opened right at 4160 resistance and both index saw a sharp drop right at the bell that quickly traded back out.
NQ bounced back up to 13300 and a few contracted traded hands above this area but now much. While this was occurring ES remained firmly below 4160 resistance. Then came the leg down which my lower target at 4116.
From here we painted a b shaped auction profile to finish the day.
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