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Daily and Weekly trading plans for E-mini S&P 500 Futures (ES) that include accurate levels and market context. The plans are presented in a clear and concise format with visually appealing charts using my concepts of Smashlevels and Smashmodel Extremes.

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ES Daily Plan | February 23, 2023

As the pattern of lower highs and lower lows persists, sellers remain in control.

Smashelito

Feb 22, 2023

The main objective for buyers is to end the daily one time framing down, which could potentially lead to short-covering.

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Contextual Analysis

The regular, detailed plans were supposed to resume today, but unfortunately, I'm still away from my desk. I expect to return within the next few days.

The pattern of lower highs and lower lows persists, and the main objective for buyers is to end the daily one time framing down, which could potentially lead to some short-covering targeting fills of the upper distribution from 2/21. Sellers main target is primarily the Weekly Extreme Low 3970. The 5-day VPOC has shifted to 4005 from 4125, suggesting acceptance of lower prices. The MA50 generated a lot of noise today.

Going into tomorrow's session, I will observe 4005.

Holding above 4005 would target 4015 / 4030 / 4050
Break and hold below 4005 would target 3987 / 3970 / 3956

Additionally, pay attention to the following VIX levels: 23.56 and 21.02. These levels can provide confirmation of strength or weakness.

Break and hold above 4050 with VIX below 21.02 would confirm strength.
Break and hold below 3956 with VIX above 23.56 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.

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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.

Smashelito's ES/SPX Newsletter

ES Weekly Plan | February 20-24, 2023

🟥 Daily: OTFD | Ends: 4090.50 🟨 Weekly: BALANCE | 3 Week | H: 4208.50 L: 4029.50 🟩 Monthly: OTFU Weekly Extreme High: 4205 Weekly Extreme Low: 3970…

10 months ago · 23 likes · 2 comments · Smashelito

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