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ES Daily Plan | May 29/30, 2023
Friday's session saw a double distribution to the upside, forming a P-shape profile. I'm currently away from my desk and expect to be back for Wednesday's plan. Stay nimble.
NOTE: I am currently away from my desk and expect to be back for Wednesday's plan. Intraday targets remain valid until the end of Tuesday's session. Don’t forget to check out the Weekly Plan published yesterday. Stay nimble.
Going into tomorrow's session, I will observe 4205.
Holding above 4205 would target 4220 / 4235 / 4255
Break and hold below 4205 would target 4195 / 4180
Additionally, pay attention to the following VIX levels: 18.96 and 16.94. These levels can provide confirmation of strength or weakness.
Break and hold above 4255 with VIX below 16.94 would confirm strength.
Break and hold below 4180 with VIX above 18.96 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.