ES Daily Plan | November 25, 2024
My preparations and expectations for the upcoming session.
For new followers: The yellow levels highlighted at the bottom left of the chart are the primary levels that I focus on intraday. My strategy for preventing impulsive decisions at unfavorable locations involves following a simple yet effective rule of exercising caution when initiating trades outside of the yellow levels. This implies that I am cautious chasing longs above the final yellow upside target and shorts below the final yellow downside target. It is crucial to understand that refraining from chasing a trade is not an automatic invitation to initiate a trade in the opposite direction.
Visual Representation
Contextual Analysis
Thursday's session saw a directional move away from the 4-day balance area formed during the early part of last week, resulting in a return to the prior balance area established after the election.
As outlined in the Weekly Plan: A strong market would build on Friday’s momentum by accepting back into the upper balance area, setting the stage for a retest of the all-time highs, while a weak market would reject Thursday's breakout, gaining traction within the lower balance area.
In terms of levels, the Smashlevel is at 5991, marking Friday’s value resistance. Holding below this level would target 5970, with a final target at 5947 under sustained selling pressure. Failure to hold below 5991 would target the resistance area between 6015 and 6025, with the former representing a weekly NVPOC.
Levels of Interest
Going into tomorrow's session, I will closely observe the behavior around 5991.
Break and hold above 5991 would target 6015 / 6025
Holding below 5991 would target 5970 / 5947
Additionally, pay attention to the following VIX levels: 16.06 and 14.42. These levels can provide confirmation of strength or weakness.
Break and hold above 6025 with VIX below 14.42 would confirm strength.
Break and hold below 5947 with VIX above 16.06 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.
Weekly Plan
Make sure to review the Weekly Plan, which provides a broader perspective and highlights key levels of interest to observe in the upcoming week.
Thanks! Gap higher instantly!
thank you buddy! Let's have another great week!