ES Daily Plan | February 20/21, 2023
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ES Daily Plan | February 20/21, 2023
Daily is one time framing down as the 5-day balance was breached to the downside. The current short-term control is in favor of the sellers as long as Friday's gap remains unfilled.
Contextual Analysis
NOTE: I'm away from the desk for the next few days, so the daily plans will be provided in a condensed, commentary-free format. Regular, detailed plans will resume on Wednesday, February 22nd.
Daily is one time framing down as the 5-day balance was breached to the downside. On Friday, the session opened with a true gap down that remained unfilled. The current short-term control is in favor of the sellers as long as the gap remains unfilled. It's worth noting the unfinished business at both ends of Friday's profile.
Going into tomorrow's session, I will observe 4090.
Holding above 4090 would target 4097 / 4109 / 4125 / 4135
Break and hold below 4090 would target 4071 / 4055 / 4040
Additionally, pay attention to the following VIX levels: 21.05 and 19.00. These levels can provide confirmation of strength or weakness.
Break and hold above 4135 with VIX below 19.00 would confirm strength.
Break and hold below 4040 with VIX above 21.05 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. Twitter: @smashelito | FAQ: smashelito.com
ES Daily Plan | February 20/21, 2023
Smash, a computer-related question. What rig do you have for your setup? A lot of RAM and a high CPU? I know Sierra recommends 16GB of memory and a 4-core CPU, but they say the more, the better. What do you have? Thanks a lot!
So this creates a lot of interest in that area and a move away from it (in either direction) is likely