11/16 Trading Plan - Wednesday Recap and Day Ahead
🔄 Recap
This week's market activity showcased the transition between trend and consolidation phases. Friday exhibited a strong uptrend, while Monday shifted to a consolidation mode. Notably, the breakout from the downtrend channel and CPI data fueled a significant rally. However, the consolidation session resumed post-rally, raising questions about a potential pullback.
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Mixed
🌎 US Index Futures: Down slightly
🛢 Crude Oil: Down
💵 Dollar: Down a bit
🧐 Yields: Down
🔮 Crypto: Down
🌏 Major Global Catalysts
The Biden-Xi meeting concluded with a mix of agreements and tensions, impacting global market sentiments. Notably, the S&P 500 Index Futures (ES) showcased remarkable resilience this November, defying the typical seasonal trends.
🔍 Key Structures
4625: Upper green line, connecting January 2022 and August 2022 highs.
4556-59: Channel resistance and notable September area.
4543: A recurrent resistance level in June and July 2023.
4518: Trend line resistance from early to mid-September.
4442-45: Post-CPI rally's critical support level.
4418-25: Breakout point of the downtrend channel from August 2023.
📉 Support Levels
4507-10, 4496, 4484-86, 4476, 4462, 4452, 4442-45, 4430, 4426, 4418, 4413, 4403, 4390, 4385, 4375, 4366, 4353, 4348, 4341, 4333-35.
📈 Resistance Levels
4518, 4525, 4535, 4543, 4549, 4558-60, 4566, 4577, 4580, 4587-90, 4596, 4610, 4625, 4632, 4638-42, 4648, 4658, 4667, 4674, 4687, 4699, 4705, 4722, 4734, 4744.
📝 Trading Plan
Thursday's focus is on pivotal support at 4507-10. A break below could initiate a rare red day, while holding this level might extend the bullish trend. Resistance levels to watch include 4543 and 4558-60. Trade management will be strictly algorithmic, focusing on level-to-level execution without emotional bias.
🔚 Wrap Up
The market is currently in a post-trend consolidation phase, requiring traders to be adaptable. Key points for Thursday include maintaining support at 4507-10 and watching for potential resistance challenges. The long-term bullish outlook remains as long as the breakout level at 4418-24 holds.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
This week's market activity showcased the transition between trend and consolidation phases. Friday exhibited a strong uptrend, while Monday shifted to a consolidation mode. Notably, the breakout from the downtrend channel and CPI data fueled a significant rally. However, the consolidation session resumed post-rally, raising questions about a potential pullback.
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Mixed
🌎 US Index Futures: Down slightly
🛢 Crude Oil: Down
💵 Dollar: Down a bit
🧐 Yields: Down
🔮 Crypto: Down
🌏 Major Global Catalysts
The Biden-Xi meeting concluded with a mix of agreements and tensions, impacting global market sentiments. Notably, the S&P 500 Index Futures (ES) showcased remarkable resilience this November, defying the typical seasonal trends.
🔍 Key Structures
4625: Upper green line, connecting January 2022 and August 2022 highs.
4556-59: Channel resistance and notable September area.
4543: A recurrent resistance level in June and July 2023.
4518: Trend line resistance from early to mid-September.
4442-45: Post-CPI rally's critical support level.
4418-25: Breakout point of the downtrend channel from August 2023.
📉 Support Levels
4507-10, 4496, 4484-86, 4476, 4462, 4452, 4442-45, 4430, 4426, 4418, 4413, 4403, 4390, 4385, 4375, 4366, 4353, 4348, 4341, 4333-35.
📈 Resistance Levels
4518, 4525, 4535, 4543, 4549, 4558-60, 4566, 4577, 4580, 4587-90, 4596, 4610, 4625, 4632, 4638-42, 4648, 4658, 4667, 4674, 4687, 4699, 4705, 4722, 4734, 4744.
📝 Trading Plan
Thursday's focus is on pivotal support at 4507-10. A break below could initiate a rare red day, while holding this level might extend the bullish trend. Resistance levels to watch include 4543 and 4558-60. Trade management will be strictly algorithmic, focusing on level-to-level execution without emotional bias.
🔚 Wrap Up
The market is currently in a post-trend consolidation phase, requiring traders to be adaptable. Key points for Thursday include maintaining support at 4507-10 and watching for potential resistance challenges. The long-term bullish outlook remains as long as the breakout level at 4418-24 holds.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
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