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ES Daily Plan | August 24, 2023
After breaking the 4D balance high, the daily is now OTFU. A significant move has already transpired after-hours due to NVDA.
With this in mind, particular attention should be given to the 4487-4495 area on the upside.
Important notice: Regular, detailed plans will resume tomorrow. Stay nimble.
The Smashlevel of 4402 was maintained throughout the overnight session, with an ON low of 4399.50. All upside target were not only met but also exceeded, with the help of VIX breaking its support level of 16.08 during H-period. Following the break of the 4D balance high, the daily is now one-time framing up.
Clearly, a significant move has already transpired after-hours due to NVDA. Keeping this in mind, particular attention should be given to the 4487-4495 area in the short term, which is not only tomorrow's final upside targets but also the Weekly Extreme High. Additionally, the medium-term value (20D VPOC) has shifted from 4604 to 4487. Review today's delta profile. The buyers wouldn't welcome any acceptance back within today's range.
For tomorrow, the Smashlevel (Pivot) is 4455, representing today’s poor high. Holding above 4455 would target 4471, as well as the significant resistance area from 4487 to the Weekly Extreme High of 4495. The previous week’s high is at 4507, in the case of continued strength. Break and hold below 4455, would target today’s afternoon pullback at 4443. Break and hold below 4443 would target the today’s breakout single prints at 4430, as well as the support area from 4412 to the final downside target of 4402.
Going into tomorrow's session, I will observe 4455.
Holding above 4455 would target 4471 / 4487 / 4495
Break and hold below 4455 would target 4443 / 4430 / 4412 / 4402
Additionally, pay attention to the following VIX levels: 16.80 and 15.16. These levels can provide confirmation of strength or weakness.
Break and hold above 4495 with VIX below 15.16 would confirm strength.
Break and hold below 4402 with VIX above 16.80 would confirm weakness.
Overall, it's important to exercise caution when trading outside of the highlighted yellow levels. A non-cooperative VIX may suggest possible reversals i.e trade setups.
Be sure to check out the Weekly Plan, which provides a broader perspective and highlights significant levels of interest to watch in the coming week.
Disclaimer: Futures and options trading involves a high level of risk, with the potential for substantial losses. The information provided in this newsletter is for informational purposes only and is not intended to be a trade recommendation. It is the responsibility of the reader to make their own investment decisions and they should seek the advice of a qualified securities professional before making any investments. The owners/authors of this newsletter are not certified as registered financial professionals or investment advisers.