4/6 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.
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.
I was expecting if we couldn’t takeout the key support levels shared last night at 4100 ES and 13180 NQ we would remain supported and make a move back towards 4160/70.
We opened the US session at 4120 on ES but 13173 on NQ!
I had said in this stack last night that if we broke support on NQ but not ES, I wouldn’t be looking for shorts until ES broke support at 4100.
I reiterated that at the open
NQ continued to sell off throughout the morning but ES remained pretty well supported moving sideways for the first 30 minutes.
At 10:00 EST the economic data sparked a leg lower in ES as well. I sent a second message out in the chat saying that if we could takeout that 4100 support in the next 30 minutes we could see a trend day develop.
But sellers were unable to gain any traction whatsoever below 4100 and ES balanced out from 4100-4120 for the rest of the session.
It was another lackluster session we saw today. NQ was much more tradable than ES but it was tough to look for shorts on NQ when ES refused to budge.
Keep reading with a 7-day free trial
Subscribe to Equity Pulse to keep reading this post and get 7 days of free access to the full post archives.