10/9 Trading Plan - Last Week Recap and Looking Ahead
Recap
Last Friday, we witnessed a bullish breakout in ES. The movement was anticipated and played out well, running over 100 points from the day's low right to the final target of 4348 and beyond. The ES reclaimed its core bull market trendline from October 2022, which was necessary to set a low.
The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Down
🌎 US Index Futures: Down but stable
🛢 Crude Oil: Up very strongly
💵 Dollar: Up
🧐 Yields: Closed for Columbus Day
🔮 Crypto: Down
Major Global Catalysts
Israel-Gaza war raises global tensions amid knee-jerk reaction from financial markets.
Key Structures
Zooming out, ES accomplished a couple of things last Friday: It put in a failed breakdown and reclaimed its core trendline from October 2022. This means for next week, bulls firmly control as long as we are above the 4310 (4295 absolute lowest) zone.
Support Levels
4348 (major), 4336, 4322-25 (major), 4310-08 (major), 4295, 4290, 4278-80 (major), 4265, 4254, 4245 (major), 4227-29 (major), 4213-16, 4205 (major).
Resistance Levels
4348 (major), 4358, 4366, 4377-80 (major), 4388, 4400-05 (major), 4418-24 (major), 4438 (major), 4448, 4455, 4463 (major), 4472 (major).
Trading Plan
For today, I will be sitting back and letting price discovery play out. My general lean is we can see some retracement/pullback, then ultimately head up to 4366, 4377-80. Likely dip there. Bulls cannot see lower than 4310-13 on any dip though. If we get a good tradeable bounce at 4310-13 though, followed by acceptance of the zone, something like 4304 may represent a higher risk breakdown entry trade.
Wrap Up
Bulls stepped in on cue last Friday reclaiming the core rising trendline from 2022s low. Predictability after a large move like this is very low, and I will be sitting back today and letting price discovery play out. My general lean is we can see some retracement/pullback, then ultimately head up to 4366, 4377-80. Likely dip there. Bulls cannot see lower than 4310-13 on any dip though.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
Last Friday, we witnessed a bullish breakout in ES. The movement was anticipated and played out well, running over 100 points from the day's low right to the final target of 4348 and beyond. The ES reclaimed its core bull market trendline from October 2022, which was necessary to set a low.
The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Down
🌎 US Index Futures: Down but stable
🛢 Crude Oil: Up very strongly
💵 Dollar: Up
🧐 Yields: Closed for Columbus Day
🔮 Crypto: Down
Major Global Catalysts
Israel-Gaza war raises global tensions amid knee-jerk reaction from financial markets.
Key Structures
Zooming out, ES accomplished a couple of things last Friday: It put in a failed breakdown and reclaimed its core trendline from October 2022. This means for next week, bulls firmly control as long as we are above the 4310 (4295 absolute lowest) zone.
Support Levels
4348 (major), 4336, 4322-25 (major), 4310-08 (major), 4295, 4290, 4278-80 (major), 4265, 4254, 4245 (major), 4227-29 (major), 4213-16, 4205 (major).
Resistance Levels
4348 (major), 4358, 4366, 4377-80 (major), 4388, 4400-05 (major), 4418-24 (major), 4438 (major), 4448, 4455, 4463 (major), 4472 (major).
Trading Plan
For today, I will be sitting back and letting price discovery play out. My general lean is we can see some retracement/pullback, then ultimately head up to 4366, 4377-80. Likely dip there. Bulls cannot see lower than 4310-13 on any dip though. If we get a good tradeable bounce at 4310-13 though, followed by acceptance of the zone, something like 4304 may represent a higher risk breakdown entry trade.
Wrap Up
Bulls stepped in on cue last Friday reclaiming the core rising trendline from 2022s low. Predictability after a large move like this is very low, and I will be sitting back today and letting price discovery play out. My general lean is we can see some retracement/pullback, then ultimately head up to 4366, 4377-80. Likely dip there. Bulls cannot see lower than 4310-13 on any dip though.
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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