11/29 Trading Plan - Wednesday Recap and Day Ahead

30 de nov. de 2023

📊 Market Sentiment

Neutral to Short-Term Bearish: Today's market sentiment is cautiously optimistic, with global markets showing modest gains. The anticipation of the COP28 Climate Change Conference in Dubai is influencing global sentiment, and the US Index Futures are trending upwards. Notably, crude oil is experiencing a strong surge.

🔄 Recap

The S&P 500 Index Futures experienced a volatile day, initially surging to a high of 4597, then retracted to the 4555 level. This fluctuation indicates an ongoing struggle between bullish and bearish forces in the market.

📈 The Markets Overnight

🌏 Asia: Up a bit
🌍 Europe: Up
🌎 US Index Futures: Up
🛢 Crude Oil: Up strongly
💵 Dollar: Up
🧐 Yields: Up
🔮 Crypto: Mixed

🌏 Major Global Catalysts

The COP28 Climate Change Conference is commencing in Dubai, potentially influencing energy and environmental sector stocks.

🔍 Key Structures

• 4618: A critical upper trendline connecting key historical highs.
  
• 4573-75: A pivotal resistance zone that has capped recent rallies.
  
• 4555: Strong support level, consistently tested over the past week.
  
• 4534-36: Key support zone, previously a significant resistance.
  
• 4508, 4489-93, 4446, 4418: Other notable support levels to watch.
  

📉 Support Levels

• 4556 (major)
  
• 4547, 4542
  
• 4534-36 (major)
  
• 4525, 4514
  
• 4508 (major)
  
• 4489-93 (major)
  
• 4484, 4473 (major)
  
• 4462, 4452, 4445 (major)
  
• 4437, 4430, 4424, 4418 (major)
  
• 4410, 4399, 4375-80 (major)
  

📈 Resistance Levels

• 4563, 4573-75 (major)
  
• 4580, 4588-90, 4597
  
• 4609 (major), 4618 (major)
  
• 4622, 4628-31 (major)
  
• 4642, 4648 (major), 4658 (major)
  
• 4668-70, 4681, 4692, 4700-05 (major)
  
• 4716, 4720, 4731 (major), 4741, 4754 (major)
  

📝 Trading Plan

For Bulls: Focus on the 4556 and 4534-36 support levels. A rebound from these levels could indicate bullish momentum, offering opportunities to enter long positions.

For Bears: Watch for a breakdown below 4556. A sustained move below this level could signal bearish momentum, with potential short opportunities at major resistance levels.

💡 Wrap Up

With mixed signals and a failed breakout, today's market presents a challenging environment. Traders should adopt a cautious approach, focusing on key support and resistance levels for guidance. As always, maintaining a disciplined risk management strategy is crucial.

Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.